{"id":1004145151,"date":"2016-06-01T07:39:38","date_gmt":"2016-06-01T15:39:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004145151"},"modified":"2020-05-21T23:57:26","modified_gmt":"2020-05-22T07:57:26","slug":"sitex-group-jv-taps-cushman-wakefield-as-leasing-agent-for-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sitex-group-jv-taps-cushman-wakefield-as-leasing-agent-for-industrial-project\/","title":{"rendered":"Sitex Group JV Taps Cushman &#038; Wakefield as Leasing Agent for Industrial Project"},"content":{"rendered":"<p><em>By Adriana Pop<\/em><\/p>\n<p><strong>Ridgefield, N.J<\/strong>.\u2013<a href=\"https:\/\/www.cushmanwakefield.com\" rel=\"nofollow\" target=\"_blank\">Cushman &amp; Wakefield<\/a> has been named leasing agent for an upcoming two-building, 278,000-square-foot New Jersey Meadowlands <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial\/\" target=\"_blank\">industrial development<\/a>. The project, located on Bell Drive in Ridgefield, N.J., is currently under construction and should be ready for delivery in December 2016.<\/p>\n<div id=\"attachment_1004145154\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004145154\" data-attachment-id=\"1004145154\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sitex-group-jv-taps-cushman-wakefield-as-leasing-agent-for-industrial-project\/bell-drive-ridgefield\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg\" data-orig-size=\"900,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bell Drive Ridgefield\" data-image-description=\"&lt;p&gt;Bell Drive Ridgefield&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Bell Drive Ridgefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg?w=900\" class=\"wp-image-1004145154 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg\" alt=\"Bell Drive Ridgefield\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Bell-Drive-Ridgefield.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004145154\" class=\"wp-caption-text\">Bell Drive Ridgefield<\/p><\/div>\n<p>Stephen Elman, Jules Nissim and Michael Terranova, based in Cushman &amp; Wakefield\u2019s East Rutherford, N.J. office, are heading up the assignment for <a href=\"https:\/\/www.sitexgroup.com\/\" rel=\"nofollow\" target=\"_blank\">Sitex Group<\/a> and an institutional client of Conn.-based <a href=\"https:\/\/www.cornerstoneadvisers.com\/\" rel=\"nofollow\" target=\"_blank\">Cornerstone Real Estate Advisers LLC<\/a>.<\/p>\n<p>\u201cThis ground-up project will introduce a brand-new, state-of-the-art, institutionally owned distribution property in the heart of the New Jersey Meadowlands \u2013 a market with limited Class A industrial product,\u201d Elman noted in prepared remarks. \u201cIts proximity to Manhattan provides an ideal opportunity for users with e-commerce last-mile delivery, regional distribution or headquarters requirements.\u201d<\/p>\n<p>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.<\/p>\n<p>The Bell Avenue property is well-positioned for rapid lease-up, according to Elman. Cushman &amp; 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\u2019s lowest since 2000.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 278,000-square-foot industrial development located in the fast growing New Jersey Meadowlands market is slated for completion in late 2016. <\/p>\n","protected":false},"author":260,"featured_media":1004145154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21748,21742,10],"tags":[],"class_list":["post-1004145151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-industrial","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sitex Group JV Taps Cushman &amp; 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