Terreno Realty Taps Transwestern To Lease 583,618 SF Middlebrook Crossroads In Bridgewater, N.J.
Flex Space Draws Heavy Interest from Light Manufacturing, Recreation Sectors
(DECEMBER 1, 2014 – BRIDGEWATER, N.J.) – Transwestern’s New Jersey office today announces it has been selected as the exclusive leasing agent for Middlebrook Crossroads, an 18-building business park featuring 583,618 square feet of flex space in Bridgewater, New Jersey. Managing Director Jeffrey Furey, the newest member of Transwestern’s New Jersey team, will lead the leasing team on behalf of the property owner, Terreno Realty Corp.
Furey has long served as the leasing agent for Middlebrook Crossroads and successfully increased the buildings’ tenancy by more than 50 percent during a time when occupancy throughout the Somerset County submarket improved by just 4 percent. The 18-building property sits on 39 acres and features upgraded roofing, signage and landscaping.
“Given Jeff’s outstanding track record of positioning this property, we look forward to continuing this partnership,” said Andrew Burke, senior vice president at Terreno. “We see a great opportunity to continue to draw a wide variety of tenants to the space.”
Currently 90 percent occupied, Middlebrook Crossroads houses tenants ranging from food services to light manufacturing and recreation, including a CrossFit franchise and a basketball center.
“Middlebrook Crossroads, which was one of the first planned industrial parks in the country, is playing a crucial role in the resurgence of domestic manufacturing in Somerset County,” Furey said. “This is evident through the park’s high occupancy rate, compared to the 22.3 percent vacancy rate in the rest of the submarket.”
In addition to its versatility, the property’s location between Routes 22 and 28 and near Interstate 287 is a major drawing point for businesses that need access to Parsippany, Flemington, Princeton and Staten Island, which are all within a 30-minute drive.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 38 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern.