Sitex Group JV Taps Cushman & Wakefield as Leasing Agent for Industrial Project
- Jun 01, 2016
By Adriana Pop
Ridgefield, N.J.–Cushman & Wakefield has been named leasing agent for an upcoming two-building, 278,000-square-foot New Jersey Meadowlands industrial development. The project, located on Bell Drive in Ridgefield, N.J., is currently under construction and should be ready for delivery in December 2016.
Stephen Elman, Jules Nissim and Michael Terranova, based in Cushman & Wakefield’s East Rutherford, N.J. office, are heading up the assignment for Sitex Group and an institutional client of Conn.-based Cornerstone Real Estate Advisers LLC.
“This ground-up project will introduce a brand-new, state-of-the-art, institutionally owned distribution property in the heart of the New Jersey Meadowlands – a market with limited Class A industrial product,” Elman noted in prepared remarks. “Its proximity to Manhattan provides an ideal opportunity for users with e-commerce last-mile delivery, regional distribution or headquarters requirements.”
The property provides easy access to the New Jersey Turnpike, just four miles from the George Washington Bridge and six miles from the Lincoln Tunnel. The buildings are 195,000 and 83,000 square feet, and are designed to accommodate full-building users or to divide easily for multi-tenant occupancy. They feature 36-foot clear, heavy floor loads, a high loading door ratio and ample parking capacity.
The Bell Avenue property is well-positioned for rapid lease-up, according to Elman. Cushman & Wakefield research reported that the market recorded 9.2 million square feet of new deals during the first quarter of 2016, marking the highest volume in more than eight years. This resulted in more than 6.3 million square feet of occupancy gains to register the second-highest absorption in the nation for the first quarter. The current industrial vacancy rate of 5.6 percent is the state’s lowest since 2000.
Image courtesy of Cushman & Wakefield