Jones Lang LaSalle
Three Lease Transactions Add Up to 492,000 SF
By Eric Peterson
Last updated: December 22, 2005 01:39pm
(To read more on the industrial market, click here.)
ROCHELLE PARK, NJ-Three leading US companies have been involved in industrial lease transactions adding up to 492,000 sf with a total value of approximately $24 million. For one, Coca-Cola Enterprises signed a five-year renewal for the entire 134,000-sf building at 701 Jefferson Rd. in Parsippany, NJ. With the signing, valued at $4 million, Coca-Cola will maintain a Northeast distribution center at a building it has occupied since the 1970s.
Studley.Studley SVP Thomas R. Carragher and senior managing director Daniel Foley, who have represented Coca-Cola in more than one million sf of leases since 1997, spoke for the tenant. The property owner, Weny Brothers, was represented in-house by partner Scott Perkins, and by James E. Hanson, managing director at NAI James E. Hanson of Hackensack.
In the second transaction, Flaghouse, a supplier of sports and recreational equipment, has re-upped for 118,000 sf at 601 Route 46 West in Hasbrouck Heights, where it has been located for 10 years. The renewal is for five years and the deal is valued at $4 million. Carragher and senior managing director Christopher Marx of Studley repped the tenant; Ernie Cristoph was the in-house rep for the owner of the building, Hartz Mountain Industries of Secaucus.
The third deal was a disposition, with Studley representing Georgia Pacific in the sublease of 240,000 sf of industrial space at 6801 Westside Ave. in North Bergen. Sublessee Party Rental, represented by Robert Kossar and David Knee of Lee & Klatskin Associates, Teterboro, is consolidating two existing locations and expanding by 60,000 sf at the new location. The 10-year sublease is valued at $16 million, according to Burton I. Gubenko, corporate managing director at Studley. Gubenko and Carragher represented Party Rental.
Three Lease Transactions Add Up to 492,000 SF
By Eric Peterson
Last updated: December 22, 2005 01:39pm
(To read more on the industrial market, click here.)
ROCHELLE PARK, NJ-Three leading US companies have been involved in industrial lease transactions adding up to 492,000 sf with a total value of approximately $24 million. For one, Coca-Cola Enterprises signed a five-year renewal for the entire 134,000-sf building at 701 Jefferson Rd. in Parsippany, NJ. With the signing, valued at $4 million, Coca-Cola will maintain a Northeast distribution center at a building it has occupied since the 1970s.
Studley.Studley SVP Thomas R. Carragher and senior managing director Daniel Foley, who have represented Coca-Cola in more than one million sf of leases since 1997, spoke for the tenant. The property owner, Weny Brothers, was represented in-house by partner Scott Perkins, and by James E. Hanson, managing director at NAI James E. Hanson of Hackensack.
In the second transaction, Flaghouse, a supplier of sports and recreational equipment, has re-upped for 118,000 sf at 601 Route 46 West in Hasbrouck Heights, where it has been located for 10 years. The renewal is for five years and the deal is valued at $4 million. Carragher and senior managing director Christopher Marx of Studley repped the tenant; Ernie Cristoph was the in-house rep for the owner of the building, Hartz Mountain Industries of Secaucus.
The third deal was a disposition, with Studley representing Georgia Pacific in the sublease of 240,000 sf of industrial space at 6801 Westside Ave. in North Bergen. Sublessee Party Rental, represented by Robert Kossar and David Knee of Lee & Klatskin Associates, Teterboro, is consolidating two existing locations and expanding by 60,000 sf at the new location. The 10-year sublease is valued at $16 million, according to Burton I. Gubenko, corporate managing director at Studley. Gubenko and Carragher represented Party Rental.
posted by Jones Lang LaSalle NJ News Blog at 3:56 PM
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