{"id":1004764728,"date":"2025-07-14T03:12:44","date_gmt":"2025-07-14T11:12:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004764728"},"modified":"2025-07-14T06:38:11","modified_gmt":"2025-07-14T14:38:11","slug":"turnbridge-lands-tenant-at-new-jersey-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/turnbridge-lands-tenant-at-new-jersey-property\/","title":{"rendered":"Turnbridge Lands Tenant at New Jersey Property"},"content":{"rendered":"\n<p>Turnbridge Equities has signed a long-term industrial lease with TWTH Express for 255,069 square feet at 169 Pulaski St. in Bayonne, N.J. This will be the tenant\u2019s newest warehouse and distribution facility. Russell Verducci of NAI Global represented the owner, while Chris Okada of Okada &amp; Co. and Emanuel Westfried of Two Bins Capital negotiated on behalf of the tenant.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1871\" height=\"900\" data-attachment-id=\"1004764750\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/turnbridge-lands-tenant-at-new-jersey-property\/turnbridge_bayonne_nj_facility_1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg\" data-orig-size=\"1871,900\" 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;1&quot;}\" data-image-title=\"Turnbridge_Bayonne_NJ_facility_1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg\" alt=\"Aerial view of the industrial campus at 169 Pulaski St. in Bayonne, N.J.\" class=\"wp-image-1004764750\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg 1871w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg?resize=300,144 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg?resize=768,369 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg?resize=1024,493 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_1.jpg?resize=1536,739 1536w\" sizes=\"auto, (max-width: 1871px) 100vw, 1871px\" \/><\/a><figcaption class=\"wp-element-caption\">The industrial campus at 169 Pulaski St. comprises three buildings totaling 519,129 square feet. <em>Image courtesy of Turnbridge Equities<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The leased space comprises a portion of the property\u2019s larger warehouse and had been occupied by Waitex Global as part of a sale-leaseback agreement. Turnbridge had <a href=\"https:\/\/www.commercialsearch.com\/news\/turnbridge-pays-92m-for-new-jersey-industrial-asset\/\">acquired the property<\/a> from Waitex, in a $92 million deal that closed in April, and is currently underway on a $12 million renovation and repositioning program for the Class B complex.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/new-jerseys-industrial-sales-lead-nation\/\">New Jersey Industrial Sales Lead Nation<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The overall property consists of three buildings totaling 519,129 square feet, currently 87 percent occupied, plus an industrial outdoor storage space of about 100,000 square feet, Luke Peterson, a senior associate with Turnbridge, told <em>Commercial Property Executive<\/em>.&nbsp;<\/p>\n\n\n\n<p>The industrial campus, dubbed Bayonne Distribution Center, occupies nearly 18 acres at the intersection of Interstate 78 and Route 440. Its location is less than 1 mile from Port Bayonne and Port Newark.<\/p>\n\n\n\n<p>TWTH will occupy space at a 433,204-square-foot, two-story warehouse featuring 28 loading docks and ceiling heights ranging from 14 to 26 feet. The other two buildings of the complex measure 67,177 square feet and 18,748 square feet, respectively.<\/p>\n\n\n\n<p>In a prepared statement, Ryan Nelson, managing principal of Turnbridge Equities, noted that this was the third major lease arranged in the company\u2019s New York\u2013area properties in the last few weeks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cautious-owners-restrain-rental-rates\">Cautious owners restrain rental rates<\/h2>\n\n\n\n<p>Industrial leasing activity in New Jersey hit 10.6 million square feet in the second quarter, driven mostly by a spate of large transactions, specifically five deals for new Class A space, each for 400,000 square feet or more, according to a recent report from Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>The report remarked, \u201cDespite improving market fundamentals, some landlords continue to prioritize occupancy over maximizing rents, leading to asking rents being 4.3 percent off their peak and increased concessions being offered.\u201d<\/p>\n\n\n\n<p>Meanwhile, the construction pipeline has hit a five-year low of only about 9.6 million square feet. One of the underway projects, a two-building <a href=\"https:\/\/www.commercialsearch.com\/news\/faropoint-launches-new-jersey-project\/\">development in New Brunswick<\/a>, N.J., is slated for completion in 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The owner recently paid $92 million for this industrial campus.<\/p>\n","protected":false},"author":882,"featured_media":1004764753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21748,1600,21742,10],"tags":[34229,49084],"class_list":["post-1004764728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-industrial","category-new-york","category-latest","category-northeast","tag-nai-global","tag-turnbridge-equities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Turnbridge_Bayonne_NJ_facility_featured.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004764728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004764728"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004764728\/revisions"}],"predecessor-version":[{"id":1004764804,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004764728\/revisions\/1004764804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004764753"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004764728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004764728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004764728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}