{"id":1004187446,"date":"2017-08-17T04:03:41","date_gmt":"2017-08-17T12:03:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004187446"},"modified":"2022-12-08T23:30:00","modified_gmt":"2022-12-09T07:30:00","slug":"large-spec-warehouse-rising-in-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/large-spec-warehouse-rising-in-nj\/","title":{"rendered":"Large Spec Warehouse Rises in NJ"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"One<\/a>

One Sharp Plaza in Mahwah, N.J.<\/p><\/div>\n

Sitex Group, the developer of a 271,195-square-foot industrial building under way at 1 Sharp Plaza in Mahwah, N.J., has named NAI James E. Hanson as the project\u2019s exclusive leasing agent.<\/p>\n

The announcement came the day after NAI Hanson released its Second Quarter 2017 Northern & Central New Jersey Industrial Report. (More on that momentarily). \u00a0<\/p>\n

Sited on nearly 21 acres of land, the warehouse will feature 36-foot clear ceiling heights, 54- x 60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-ins, and parking for 25 trailers and 184 cars. The property is less than a mile from the intersection of Route 17 and Interstates 87 and 287, with direct access to New York City via the Tappan Zee and George Washington bridges.<\/p>\n

Completion is expected by the end of the first quarter 2018.<\/p>\n

NAI Hanson\u2019s Kenneth Lundberg and Patrick Lennon are the leasing brokers.<\/p>\n

\u201cThe limited supply in adjacent industrial markets means that firms will continue to seek out quality buildings in highly accessible locations such as northern Bergen County<\/em>,\u201d Lennon said in a prepared statement.<\/p>\n

A tight market<\/h2>\n

\u201cThe Bergen County industrial market has faced an extremely restricted supply of new Class A warehouse and distribution oriented buildings over the last several years<\/em>,\u201d Lundberg added. \u201cWith the explosion in e-commerce users seeking these types of buildings, companies have sought out markets like Mahwah for available space<\/em>.\u201d<\/p>\n

The northern Bergen County industrial market, according to NAI Hanson, \u201cis well positioned for continued strong growth<\/em>.\u201d<\/p>\n

Average asking rates in this market are up $1.05 per square foot since 12 months ago and ended the second quarter at $8.61 PSF, the second-highest asking rental rate in northern and central New Jersey. The vacancy rate continues to decline and is down 2 percent over the past 12 months, to 5.7 percent.<\/p>\n

Overall, the northern and central New Jersey industrial market <\/a>saw more than 5.6 million square feet leased in just the second quarter, a bump of more than 750,000 square feet from the prior quarter. Region-wide, high demand and limited new supply pushed the overall vacancy rate down to 4.5 percent, according to NAI Hanson.<\/p>\n

NAI Hanson reportedly is the largest independently owned CRE firm in New Jersey.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sitex Group selected NAI Hanson to market One Sharp Plaza, a 271,000-square-foot industrial project providing direct access to New York City via the Tappan Zee and George Washington bridges.<\/p>\n","protected":false},"author":882,"featured_media":1004187449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21748,21742,10],"tags":[32914,35017,37255],"class_list":["post-1004187446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-industrial","category-latest","category-northeast","tag-e-commerce","tag-nai-james-e-hanson","tag-sitex-group"],"acf":[],"yoast_head":"\nLarge Spec Warehouse Rises in NJ - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/large-spec-warehouse-rising-in-nj\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Large Spec Warehouse Rises in NJ\" \/>\n<meta property=\"og:description\" content=\"Sitex Group selected NAI Hanson to market One Sharp Plaza, a 271,000-square-foot industrial project providing direct access to New York City via the Tappan Zee and George Washington bridges.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/large-spec-warehouse-rising-in-nj\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-17T12:03:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:30:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/One-Sharp-Plaza-in-Mahwah-N.J..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/large-spec-warehouse-rising-in-nj\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/large-spec-warehouse-rising-in-nj\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Large Spec Warehouse Rises in NJ\",\"datePublished\":\"2017-08-17T12:03:41+00:00\",\"dateModified\":\"2022-12-09T07:30:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/large-spec-warehouse-rising-in-nj\\\/\"},\"wordCount\":372,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/large-spec-warehouse-rising-in-nj\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/08\\\/One-Sharp-Plaza-in-Mahwah-N.J..jpg\",\"keywords\":[\"E-Commerce\",\"NAI James E. 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