Metz of Bussel Realty Completes Multiple Class B Industrial Transactions in Exit 13A Submarket
EDISON, NEW JERSEY (JULY 31, 2014)– Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, today announced Vice President Jordan Metz completed seven long-term lease transactions and one sale over the course of the past two months at the Exit 13A submarket in New Jersey, totaling approximately 145,500 square feet.
The seven leases and one sale, comprised of three renewals, four new transactions, and one sale were all signed in “rapid succession” over the past seven weeks, according to BRC. Metz of BRC was responsible for the deals.
“Class B industrial is ‘on fire’ in specific locations that are proximate to all major transportation arteries, and convenient for almost any type of industry doing business in the Northeast US. Limited inventory across all asset classes has now become the norm — one of the trickle-down results is that it is forcing tenants in Class B facilities to secure their spaces before they are ‘all spoken for’. The levels of demand have clearly out-paced any conceivable level of current supply,” Metz commented.
“In the 10 years I've been in the industry, I had the unique opportunity to witness a complete market cycle, and never have I seen such leasing and sales velocity with an equal appetite for all industrial property classes across every market sector,” noted Metz. “With the projects I'm currently working on, and those that I hear about through the industry, every indicator demonstrates that this market has some ‘serious legs’ to it. In the last 18 months leading up to this red hot market, it has been exciting. I hope that we see much of the same over the next 18 months, and the 18 after that.”
Transactions completed by Metz over the past two months include:
· 35,000-square-foot sale to COS Phones, a national telecommunications provider, at 785 Rahway Avenue in Union, New Jersey.
· 30,000-square-foot lease renewal by SGF Freight Services Inc., an international freight forwarding service, for five years at 551 New Point Road in Elizabeth, New Jersey.
· 20,000-square-foot lease renewal by Ultimate Sea foods, a frozen seafood distributor that services restaurants and specialty markets and stores in the Northeast, for five years at 2401 East Linden Avenue in Linden, New Jersey.
· 17,500-square-foot new lease by Luxor Linens, an online and e-commerce luxury business of linen products for five years at 1416 East Linden Avenue, Unit C, in Linden, New Jersey.
· 16,500-square-foot lease renewal by Time & Again Antiques, an antique wholesaler and auction house, for five years at 1416 East Linden Avenue, Unit D, in Linden, New Jersey.
· 14,000-square-foot new lease by Elegant Furniture, a distributor of fine furniture products, for five years at 2500 Brunswick Avenue in Linden, New Jersey.
· 10,000-square-foot new lease by Benjamin’s Bakery for five years at 1057 Pennsylvania Avenue/One West Baltimore in Linden, New Jersey.
· 2,500-square-foot new lease by Bags USA, one of the largest airline luggage services in the country, for three years at 1230 E. Elizabeth Avenue in Linden, New Jersey.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey.