NAI Hanson Named Exclusive Leasing Agent for New 271,195-Square-Foot Spec Development Industrial Building By The Sitex Group
Currently under-construction, the Class-A warehouse building will offer modern features geared towards today’s distribution and warehousing needs
Mahwah, N.J. (August 15, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces it has been named the exclusive leasing agent for the 271,195-square-foot industrial building being developed at 1 Sharp Plaza in Mahwah, N.J. by The Sitex Group. NAI Hanson’s Kenneth Lundberg, SIOR, and Patrick Lennon are the exclusive brokers for the assignment.
Currently under construction, One Sharp Plaza will be the newest, state-of the-art warehouse space of its size delivered to the Bergen County market upon its completion by the end of 1Q 2018. Situated on 20.74 acres of land, the warehouse will offer features desired by today’s warehousing tenants such as 36’ clear ceiling heights, 54’x60’ column spacing, 36 dock doors, ESFR sprinklers, two drive-ins and parking for 25 trailers and 184 cars. Located less than a mile from the intersection of Route 17 and Interstates 87 and 287 with direct access to New York City via the Tappan Zee and George Washington Bridges, the property sits amidst one of the most easily accessible transportation hubs in Bergen County.
The northern Bergen County industrial market is well positioned for continued strong growth. Average asking rates in the northern Bergen County industrial market are up $1.05 PSF since Q2 2016 ending Q2 2017 at $8.61 PSF. This submarket has the second highest asking rental rate in the Northern and Central New Jersey market. The vacancy rate remains on the decline, down 2% from Q2 2016, standing at 5.7% at the end of Q2 2017.
“The limited supply in adjacent industrial markets means that firms will continue to seek out quality buildings in highly accessible locations such as northern Bergen County,” said Lennon. “Once completed this project will be a key piece of the continued growth of this market, bringing exciting and important contributors to the local economy.”
“We are looking forward to working with Sitex Group to lease this exciting property in a marketplace that is quickly becoming the go-to destination for companies seeking available warehouse space in the state,” said Lundberg. “The Bergen County industrial market has faced an extremely restricted supply of new Class-A warehouse and distribution oriented buildings over the last several years. With the explosion in e-commerce users seeking these types of buildings, companies have sought out markets like Mahwah for available space. The northern Bergen County industrial market is seeing some of the highest asking rent prices in the state and this project will provide this hot market with an in-demand and attractive property for today’s modern tenant.”
Interested tenants should visit www.onesharpplaza.com for more information about the property or contact Ken Lundberg or Pat Lennon at 201-488-5800 or at firstname.lastname@example.org or email@example.com.
NAI James E. Hanson’s industrial team recently published their Q2 2017 Northern and Central New Jersey Industrial report, which highlights market trends and key data for industrial space throughout the region. To stay connected with NAI James E Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook (www.facebook.com/NAIHanson), Twitter (@NAI_Hanson), and LinkedIn (www.linkedin.com/company/nai-james-e-hanson).