Half-Million-SF Lease Near Trenton
- Jun 23, 2011
June 22, 2011
By Barbra Murray, Contributing Editor
Kenco Logistic Services L.L.C. has laid claim to more than half of the industrial building at 100 W. Manor Way in Robbinsville, N.J., with the signing of a 504,300-square-foot lease. The four-year-old facility sits along the New Jersey Turnpike, approximately 10 miles east of Trenton.
Owned by Principal Real Estate Investors, the single-story, state-of-the-art warehouse at 100 W. Manor encompasses an aggregate 905,000 square feet and occupies a 69-acre parcel within the 400-acre Northeast Business Park. Commercial real estate services firm Jones Lang LaSalle represented the owner in the transaction, while CB Richard Ellis stood in for Kenco and shuttled the company through the process of finding a premier distribution center that would meet its main requirements—easy access to thoroughfares and room for growth. The 100 W. Manor property fit the bill perfectly. “It’s a rare find,” William Waxman, executive vice president with CBRE, told CPE.
Sited at the crossroads of Exit 7A and Interstates 295 and I-95, the facility more than meets the tenant’s location criteria. And it also offers elbowroom. “Kenco has the ability to expand to up to nearly 1 million square feet at the building, and there is a limited amount of buildings that could provide that kind of space,” Mindy Lissner, executive vice president with CBRE, said. The third-party logistics provider has the option to expand into the remainder of 100 W. Manor within a designated period of time, after which point it will have the first right of refusal to lease the space.
Such premier big-box accommodations are dwindling in what is called the 7A market. “It’s a preferred market for companies that want space for northeast regional distribution,” Lissner said. The major highways surrounding the property provide easy access to such vital metropolitan areas as Baltimore, Boston, New York and Philadelphia. “It’s a central location for distribution, so logistically, it works,” she added.
Indeed, leasing activity is on the rise in the area. “Definitely, the market has been picking up in the last 90 days, especially for larger spaces over 200,000 square feet,” Chuck Fern, managing director with JLL, told CPE. “There have been a million-and-a-half square feet in deals in 7A within the last four months.”