Jones Lang LaSalle

Retailer Leases 45,000 SF of Office/Warehouse Space
By Eric Peterson
Last updated: February 7, 2006 09:16am

BORDENTOWN, NJ-KOR Cos., based in Wall, started work last year on the first spec building within its Central Crossings Business Park here, and now that building has its first tenant. Stationary and gift retailer Blue Tulip has signed on for a total of 45,000 sf of office and warehouse space within the 145,000-sf building.

KOR was represented in the transaction by Stan Danzig and Jules Nissim of Cushman & Wakefield of NJ, while Blue Tulip was represented by C&W’s Mary Ryan. Terms of the lease were not released.

“This lease is a validation of our strategy for spec development in this market,” says Harry Kantor, KOR’s president and CEO. “There is extraordinary demand for new high-tech space at Exit 7A.”

The new building is part of a 170-acre site within the NJ Turnpike Exit 7A submarket that’s cleared for an ultimate build-out of 1.65 million sf of space. Primary targets for the master planned Central Crossing Business Park are consumer products distributors and third-party logistics providers.

Blue Tulip, meanwhile, is a Princeton-based chain that currently has nine stores in four states, with four of those stores in the Garden State.