National flexible warehousing and third-party logistics provider BroadRange Logistics has signed a full-building, 480,000-square-foot lease at Crow Holdings at Carteret, in Carteret, N.J. The tenant’s long-term commitment at 500 Salt Meadow Road brings the 1.2 million-square-foot industrial campus to full occupancy.
The three-building Class A warehouse/distribution park is on a 126-acre former brownfield site just off New Jersey Turnpike Exit 12, 13 miles from the Port Newark–Elizabeth Marine Terminal.
Russell Hofstetter of Strategic Real Estate Partners, Atlanta, and Stephen Shoemaker of CBRE served as tenant representatives in the transaction. Cushman & Wakefield’s Jules Nissim, Stan Danzig and Kimberly Bach negotiated the lease as exclusive agents for Crow Holdings at Carteret.
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BroadRange was founded in 2001 and supports an array of industries, including solar, e-commerce, food and beverage, home goods, building materials and heavy equipment.
It joins prior Crow Holdings at Carteret tenants YunExpress, Weida Freight System Inc. and DSV Global Transport and Logistics.
Ports continue to draw industrial tenants
Following a cautious beginning to the year, industrial leasing in New Jersey rose substantially in the second quarter, according to a brand-new report from CBRE. Appetite was especially strong for Class A space, with 3.2 million square feet being absorbed in the quarter.
Leading sectors were 3PLs, followed by food/beverage, and leasing activity was concentrated in and around port submarkets, including Carteret/Avenel.
That submarket has an overall vacancy of 11.4 percent, on an inventory of 31.2 million square feet, and with no new construction underway. The average Class A asking rent in Carteret/Avenel is $19.70 per square foot, CBRE reported.
In May and at the opposite end of the country, Crow Holdings nailed down a 250,369-square-foot long-term lease at the Ontario Commerce Center, in California’s Inland Empire. The tenant is CTK USA, the U.S. subsidiary of Korea-based logistics/fulfillment provider CTK, which was represented by Newmark.