NAI Closes North Jersey Industrial Lease

The tenant, a newly formed industrial tire supply company, will occupy nearly half of the building, which totals more than 65,000 square feet.

140 Spring St. in New Providence, N.J.
140 Spring St. in New Providence, N.J.

NAI James E. Hanson has closed a 36,052-square-foot industrial lease in northern New Jersey. The tenant, the newly formed CIMC Commercial Tires, will occupy more than half of the 66,000-square-foot building. CIMC plans to manufacture tires in the space for the firm’s intermodal transportation customers. NAI acted on behalf of the landlord, a joint venture between private investors, in the transaction.

Located at 140 Spring St., in New Providence, the building is located in a small industrial area, some 18 miles west of the Port Elizabeth intermodal shipping center. Interstate 78, situated two and a half miles away, allows for convenient access throughout the region. The structure, home to sport uniform manufacturer Venus Knitting Mills, was built in 1961. The asset is geared towards manufacturing tenants, with features such as 15.5-foot clear heights, a heavy power supply, two one-ton cranes and a single loading dock.

“This deal showcases the strong market demand for flexible and well-located spaces like 140 Spring St., and the continued advantage of working with a highly experienced and knowledgeable brokerage team to secure tenants at a fair market value,” said Senior Vice President Barry Cohorsky of NAI Hanson, who represented the landlord in the transaction, in a prepared statement.

Image courtesy of NAI James E. Hanson