New Flex-Industrial Deal to Include Morris County Corridor
Devli Real Estate has filled nearly 38,000 square feet with two leases at an industrial flex building in Hackettstown, in the largest of several new deals by Resource Realty of Northern New Jersey.
According to the brokerage team, which represented the landlord, the undisclosed tenants will occupy 23,399 and 14,416 square feet at 103 Bilby Road. RRNNJ Principal Brian Wilson secured the leases at the 59,400-square-foot property, which has 25-foot ceiling heights and seven loading docks, while touting its location less than four miles from Interstate 80 and Route 46 and easy access to New York City, northern New Jersey and Eastern Pennsylvania.
“The landlord at 103 Bilby Road was able to capitalize on the elevated demand for warehouse space less than an hour from New York City as well as Hackettstown’s proximity to Pennsylvania,” Wilson said. “The building’s access to major logistics arteries, including I-80, I-78 and I-287, underscores modern tenants’ demands for connectivity to multiple regional markets.”
The broker, alongside RRNNJ principals Greg Sabato and Scott Peck, also represented both the landlord and tenant in a 12,020-square-foot lease renewal at 300 Forge Road in Rockaway. In nearby Randolph, Wilson represented the tenant in a 5,000-square-foot lease renewal at 3 Middlebury Blvd., noting that the nearly 48,000-square-foot facility has 11 loading docks and sits north of Route 10.
“The Morris County corridor continues to be a powerhouse for industrial property performance,” Sabato said. “The region’s strategic advantages persist in fueling its growth and positions it as a premier destination for tenants requiring superior logistics facilities.”
In addition, Sabato and Wilson negotiated a 5,200-square-foot lease on behalf of the landlord at 385 Franklin Ave. in Rockaway. They said the flex industrial property has 22-foot clear ceiling heights and spans 81,000 square feet, with access to routes 10 and 46, Interstate 287 and other major roadways, adding that the deals reflect tenants’ continued flight to quality in the northern New Jersey industrial market.
Article courtesy of RE-NJ.com.