Morris Plains Industrial Deals Among Latest Signs of Demand for Infill
The owner of a Morris County industrial building has filled more than 23,000 square feet, highlighting the appeal of specialized assets and the increasingly tight market for the region’s smaller, infill spaces.
That’s according to Resource Realty of Northern New Jersey, which announced the deal on Thursday alongside several other early-year transactions. Firm principals Tom Consiglio, Scott Peck and Greg Sabato represented the landlord in that lease, at 19 Chapin Road in the Pine Brook section of Montville, noting that it received multiple offers in a short period of time for the 23,101-square-foot unit.
All told, RRNNJ finalized 164,193 square feet in leasing in the first quarter through several prominent owner’s representation assignments, according to a news release. That also includes a 38,258-square-foot flex industrial deal at 400 American Road in Morris Plains, where Consiglio and Peck represented landlord GTJ REIT in negotiations with longtime tenant Charmant USA.
“We are seeing a flight to quality in the infill sector,” said Sabato, a 28-year commercial real estate broker veteran. “Companies are prioritizing locations like Pine Brook and Morris Plains because they offer the dual benefit of a skilled labor pool and unrivaled logistical connectivity.”
Consiglio, meantime, noted that deal volume in the 20,000- to 40,000-square-foot range remains a bellwether for the local economy.
“The demand for infill space is no longer just about storage — it’s about the ‘physics’ of the supply chain,” he said. “Accessibility is the primary currency for our clients right now.”
RRNNJ said another deal, an 18,125-square-foot industrial lease expansion at 103 Bilby Road in Hackettstown, reflects the movement in secondary markets where accessibility remains high but costs are more manageable. Wilson represented the landlord in the transaction, which grew the tenant’s overall footprint to 41,528 square feet.