NAI Hanson and The Sitex Group Host Wall-Raising Ceremony for 271,000-Square-Foot Industrial Building in Mahwah. N.J.
Mahwah, N.J. (October 2, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, was joined by project developer, The Sitex Group, and Mayor William Laforet and Mahwah Township officials on Thursday to mark the beginning of construction at One Sharp Plaza, a 271,000-square-foot Class-A industrial building in the Stateline Business Park in Mahwah, N.J. NAI Hanson is the exclusive listing agent for the property. The assignment is being led by Ken Lundberg, SIOR, and Patrick Lennon.
“The beginning of the One Sharp Plaza project marks the successful merging of a shared vision by a developer, The Sitex Group, and a municipality to bring an important project to life,” said Lundberg. “This project has been created with the needs of today’s distribution users in mind and presents a significant opportunity for the Township of Mahwah to bring a leading e-commerce company to town. We look forward to helping to secure a tenant for the space and ensure that this project will be a valuable economic contributor for the township.”
Upon its completion in 1Q 2018, One Sharp Plaza will be the newest, state-of-the-art warehouse space of its size delivered to the Bergen County market. 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 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 Bergen County industrial market has seen a highly restricted supply of new Class-A warehouse and distribution-oriented facilities in the last few quarters,” said Lennon. “Demand for these spaces, however, remains quite high as more e-commerce companies are seeking accessible spaces in the Bergen County market. This project will provide this hot market with an in-demand and attractive property geared to today’s modern industrial tenant.”
Interested tenants should visit www.onesharpplaza.com for more information about the property or contact Ken Lundberg or Patrick Lennon at 201-488-5800 or at email@example.com or firstname.lastname@example.org.
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).