{"id":1004652741,"date":"2023-03-22T03:44:50","date_gmt":"2023-03-22T11:44:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004652741"},"modified":"2023-03-22T03:51:09","modified_gmt":"2023-03-22T11:51:09","slug":"link-logistics-inks-full-building-lease-at-new-jersey-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/link-logistics-inks-full-building-lease-at-new-jersey-warehouse\/","title":{"rendered":"Link Logistics Inks Full-Building Lease at New Jersey Warehouse"},"content":{"rendered":"<div id=\"attachment_1004652743\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004652743\" data-attachment-id=\"1004652743\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/link-logistics-inks-full-building-lease-at-new-jersey-warehouse\/301-321-herrod-blvd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg\" data-orig-size=\"735,552\" data-comments-opened=\"0\" 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;0&quot;}\" data-image-title=\"301-321 Herrod Blvd. Image courtesy of Lee &#038; Associates\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;301-321 Herrod Blvd. Image courtesy of Lee &#038; Associates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg?w=735\" class=\"wp-image-1004652743 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg?w=300\" alt=\"301-321 Herrod Blvd. Image courtesy of Lee &amp; Associates\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg 735w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/301-321-Herrod-Blvd-e1679398205581.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004652743\" class=\"wp-caption-text\">301-321 Herrod Blvd. <em>Image courtesy of Lee &amp; Associates<\/em><\/p><\/div>\n<p><strong>GXO Logistics <\/strong>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. <strong>Link Logistics<\/strong> is the owner of the facility.<\/p>\n<p>Executive Managing Director Marc Petrella with <strong>KBC Advisors<\/strong> represented the landlord. Partner at <strong>Lee &amp; Associates<\/strong> Dave Saltzman assisted the tenant in the transaction.<\/p>\n<p>Link Logistics picked up the asset in 2019 from <strong>Global Logistics Properties<\/strong>, 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.<\/p>\n<h2>Property rehabilitation<\/h2>\n<p>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&#8217;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.<\/p>\n<p>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.<\/p>\n<h2>New Jersey&#8217;s industrial rent growth<\/h2>\n<p>As of January, New Jersey&#8217;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 <a href=\"https:\/\/www.commercialsearch.com\/news\/heightened-industrial-demand-boosts-new-lease-rates\/\">report<\/a>. While the national vacancy rate reached 4 percent that month, New Jersey&#8217;s rate hit 2.8 percent, on par with Los Angeles.<\/p>\n<p>Back in the fourth quarter of 2022, Continental Terminal extended its <a href=\"https:\/\/www.commercialsearch.com\/news\/continental-terminal-extends-406-ksf-new-jersey-lease\/\">full-building lease<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The landlord will renovate the 611,000-square-foot property before tenant move-in.<\/p>\n","protected":false},"author":2829,"featured_media":1004652743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21748,21742,10],"tags":[51686,42548,32762,51531],"class_list":["post-1004652741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-industrial","category-latest","category-northeast","tag-gxo-logistics","tag-kbc-advisors","tag-lee-associates","tag-link-logistics"],"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>Link Logistics Inks Full-Building Lease at New Jersey Warehouse - 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