ISC Industries has signed a 36,750-square-foot-lease at 80 Triangle Boulevard, an industrial property in Carlstadt, N.J.
NAI James E. Hanson facilitated the deal on behalf of the landlord, Venus (NJ) Inc.
“Record-high pricing continues to be an issue in this submarket for tenants. Fortunately, this building was priced right as it was more important to the landlord to get a good tenant at a fair rental rate in a short period of time than it was to hold out for the highest possible rent,” Tom Vetter, NAI James E. Hanson’s senior vice president, told Commercial Property Executive. “Our experience in this market allowed us to work with the tenant to facilitate a fair deal for both parties and meet our client’s exact needs.”
ISC Industries, which has three decades of experience in the global distribution of auto parts, was already operating in the area but was looking to expand its North American warehouse facility.
Warehouse Space in Demand
Originally built in 1975, the building boasts two loading docks, 16-foot-9-inch ceilings, 5,000 square feet of office space and 25 parking spaces.
“The tenant had outgrown its former facility which was just a few doors down from 80 Triangle. So, they were able to expand and stay in the same neighborhood,” Jeff DeMagistris, NAI James E. Hanson’s senior vice president, told CPE. “The great location nearby the New Jersey Turnpike, Interstate 80 and Routes 3, 17, and 46 worked for the tenant for many years and this lease allowed them to essentially keep the same location while expanding their operations.”
The 80 Triangle Boulevard property is situated less than 8 miles from New York City and is just 15 miles from Port Newark, making it extremely convenient to the New Jersey Turnpike, Interstate 80 and Routes 3, 17, and 46.
According to Vetter, a strong demand and limited supply of industrial product in the area has created a significant level of competition within the submarket and an opportunity to secure high-quality tenants at a premium dollar amount.
As part of the deal, the landlord agreed to two months free of base rent in exchange for the tenant making some minor modifications to the offices at their own expense.
In January, NAI James E. Hanson negotiated a 13,600-square-foot lease for Johnstone Supply, a leading HVACR equipment supplier, at 3 Corporate Dr. in Cranbury Township, N.J.