Link Logistics Inks Full-Building Lease at New Jersey Warehouse
The landlord will renovate the 611,000-square-foot property before tenant move-in.
GXO Logistics has signed a full-building lease at 301-321 Herrod Blvd., a 611,000-square-foot warehouse in South Brunswick, N.J., expanding its Middlesex County operations. Link Logistics is the owner of the facility.
Executive Managing Director Marc Petrella with KBC Advisors represented the landlord. Partner at Lee & Associates Dave Saltzman assisted the tenant in the transaction.
Link Logistics picked up the asset in 2019 from Global Logistics Properties, as part of a $18.7 billion portfolio transaction. The buyer purchased the single asset entities which held title to 1,300 properties, comprising 179,000,000 square feet of industrial, office and retail space nationwide, CommercialEdge data shows.
Completed in 1989, the building sits on nearly 40 acres and features a two-level office build-out component, the same data provider reveals. The property has 28 and 36-foot clear heights, dock levelers and bumpers and ESFR fire sprinklers. Before GXO’s move-in, the landlord will undertake a complete rehabilitation of the warehouse, including the renovation of the office space, new LED lighting and dock doors, as well as resealing and striping the warehouse floors and the paved areas outside.
The property is situated between Philadelphia and New York City, 21 miles from Trenton, N.J., and has access to the New Jersey Turnpike. The ports of Newark and NYC are less than 50 miles away. Companies in the surrounding area include Costco, UPS, LT Apparel Group, FedEx and Williams Sonoma, among others.
New Jersey’s industrial rent growth
As of January, New Jersey’s industrial market registered a 9.1 percent rent growth year-over-year, higher than the national rate which clocked in at 6.9 percent, according to a CommercialEdge report. While the national vacancy rate reached 4 percent that month, New Jersey’s rate hit 2.8 percent, on par with Los Angeles.
Back in the fourth quarter of 2022, Continental Terminal extended its full-building lease at 200 Middlesex Ave. in Carteret, N.J. The company renewed its 406,437-square-foot commitment at the industrial facility, owned by AEW Capital Management.
You must be logged in to post a comment.