NAI James E. Hanson Negotiates Industrial Lease to Help Company Expand in Parsippany, N.J.
Parsippany, N.J. (December 19, 2019) – NAI James E. Hanson announces it has negotiated a lease with Morre-tec for 20,000 square feet of industrial/flex space at 181 E. Halsey Road in Parsippany, N.J. NAI James E. Hanson’s Scott Perkins, SIOR, CCIM, and LJ Koch represented the landlord, Jofra Realty, in the transaction.
Headquartered in Union, N.J. with warehouses in North Carolina, Amsterdam, and New Jersey, Morre-tec is an FDA registered manufacturer and distributor of Bromine Compounds, specialty chemicals, and unique products for the nutritional, food, personal care and biotech industries, as well as specialty adhesives. Behind their unique and patented micronizing capabilities, Morre-tec has established a worldwide reputation for excellence across their diverse set of service areas. As they continue to grow, Morre-tec’s 20,000-square-foot lease at 181 E. Halsey Road will provide additional space for the selected storage and processing of compounds in conformance with food grade product requirements.
Situated in the center of Morris County less than a mile from the intersection of Interstates 80 and 287, 181 E. Halsey Road is a strategically located 69,315-square-foot industrial/flex building. Morre-tec’s new 20,200-square-foot space includes 956 square feet of office space, 23’ ceilings and two tailgates to facilitate efficient warehousing and distribution of their products.
“Although Morris County boasts exceptional accessibility and highly favorable demographics, the county’s industrial supply is well below that of the markets to the east. While that can make the market challenging for tenants searching for space, it provides many benefits to landlords like Jofra Realty,” said Perkins. “By leveraging our experience in the challenging Morris County market, we were able to strategically market this property to negotiate a long-term deal with a premier tenant on behalf of our client.”
“With only 38,603,715 square feet of rentable industrial building area, the Morris County industrial market remains one of northern New Jersey’s smallest. Only projected to add 25,000 square feet of new industrial space over the next several quarters, the market will continue to remain one of the region’s smallest,” said Kristen Jost, Research Analyst for NAI James E. Hanson. “Unfortunately for tenants and fortunately for landlords, the small size of the market and the continued westward migration of industrial tenants will continue to drive vacancy rates lower and rental rates higher over the next several quarters.”
For more insights on the Morris County market and a deeper look at the northern New Jersey industrial market, please download NAI James E. Hanson’s Q3 2019 Northern and Central New Jersey Industrial Report, which highlights market trends and key data in the industrial asset class throughout the region.
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