i-95 / nj turnpike corridor€¦ · 3pl logistics plus oct 2019 200 docks corner rd., dayton...

CENTRAL NEW JERSEY/I-95 TURNPIKE CORRIDORQ4 2017 INDUSTRIAL KEY MARKET SNAPSHOTS

Licensed Real Estate Broker

I-95 / NJ TURNPIKE CORRIDORQ4 2019 INDUSTRIAL MARKET SNAPSHOTLEE &

ASSOCIATESCOMMERCIAL REAL ESTATE SERVICES

Licensed Real Estate Broker Follow us!

669 River Drive, Suite 201 | Elmwood Park, NJ 07407 | 973.337.1144 • 110 Fieldcrest Avenue, Suite 5 | Edison, NJ 08817 | 732.452.0750 • lee-associates.com/newjersey

Drew Maffey | Assistant Vice PresidentD: 973.406.2493 C: 908.217.9746 [email protected]

Rick Marchisio | Principal/PresidentD: 973.475.7055 C: 908.930.7306 [email protected]

Crista Governara | Vice PresidentD: 732.204.1121 C: 973.868.4949 [email protected]

Will Ziegler | AssociateD: 201.458.5470 C: 908.210.6476 [email protected]



I-95 / NJ TURNPIKE CORRIDORQ4 2019 INDUSTRIAL MARKET SNAPSHOT

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Source: CoStar, Real Capital Analytics and Reis. All Information is from a source deemed reliable, however no representation, expressed or implied is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omission, change of price, rental or other conditions imposed by our principals.




page 3


All information is from a source deemed reliable, however no representation, expressed or implied is made to the accuracy of the information contained

herein, and same is submitted subject to errors, omission, change of price, rental or other conditions imposed by our principals.

669 River Drive, Suite 201

Elmw

ood Park, NJ 07407

973.337.1144 - Fax 888-267-3446

lee-associates.com/new

jersey

110 Fieldcrest Avenue, Suite 5

Edison, NJ 08837

732.452.0750 - Fax 732.452.0752

EX

ITIN

TE

RC

HA

NG

EIN

DU

STR

IAL

WA

RE

HO

US

EF

LE

X

1D

EL

AW

AR

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ME

MO

RIA

L B

RID

GE

$4.30$8.49

2U

S 322, S

WE

DE

SB

OR

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CH

ES

TE

R$5.93

$13.00

3N

J 168, WO

OD

BU

RY

S. C

AM

DE

N$5.33

$8.49

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J 73, CA

MD

EN

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ILA

DE

LP

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$4.38$9.10

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ON

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6P

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$4.95$7.47

7U

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7AI-195 H

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$9.30$15.97

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14I-78 N

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$10.27$14.00

14BJE

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$10.88$18.05

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$10.48$12.52

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$11.27$14.20

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OR TICKET LOST,

HIGHEST TOLL FOR

CLASS CHARGED.Q4 2019

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Market # of Properties Inventory SF Total Vacant SF Total Vacancy Vacancy Quarterly Change (bps) Total Availability Net Absorption SF Industrial Avg. NNN

Rent Flex Avg. NNN Rent Under Construction SF Delivered SF Proposed SF

New Jersey 20,930 958,584,231 35,356,537 3.7% (18) 6.8% 3,358,197 $7.47 $10.95 17,287,218 1,667,375 32,233,605

Northern & Central New Jersey

18,317 839,252,680 30,134,656 3.6% (28) 6.8% 2,536,892 $8.62 $11.67 13,404,926 186,272 21,622,716

I-95 / NJ TURNPIKE CORRIDOR

4,445 311,730,102 6,278,339 2.0% (64) 5.6% 2,058,070 $9.82 $15.41 7,430,775 73,872 11,440,495

Market # of Properties Inventory SF Total Vacant SF Total Vacancy Vacancy Quarterly Change (bps) Total Availability Net Absorption SF Industrial Avg. NNN

Rent Flex Avg. NNN Rent Under Construction SF Delivered SF Proposed SF

Class A 206 76,444,560 428,572 0.6% (230) 9.3% 1,829,988 $11.35 $14.75 7,278,152 73,872 10,235,349

Class B 1,340 134,816,889 3,398,020 2.5% (7) 4.8% 89,647 $10.21 $15.14 152,623 0 1,205,146

Class C 2,899 100,468,653 2,451,747 2.4% (14) 3.7% 138,435 $9.24 $16.38 0 0 0

TOTAL: 4,445 311,730,102 6,278,339 2.0% (64) 5.6% 2,058,070 $9.82 $15.41 7,430,775 73,872 11,440,495

IINNDDUUSSTTRRIIAALL QQ44 22001199 MMAARRKKEETT SSNNAAPPSSHHOOTT

II--9955 // NNJJ TTUURRNNPPIIKKEE CCOORRRRIIDDOORR IINNDDUUSSTTRRIIAALL MMAARRKKEETT BBRREEAAKKDDOOWWNN




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$11.35 $10.64

$9.42

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019

DIR

EC

T N

NN

RE

NTS

AVERAGE NNN RENTS

Class A Class B Class C

Source: CoStar

Source: CoStarD

IREC

T N

NN

REN

TSD

IREC

T A

VAIL

IBIL

ITY

& V

AC

AN

CY

9.3%

4.8%

3.7%

0.6%

2.5%

2.4%0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019

DIR

EC

T A

VA

ILA

BIL

ITY

AN

D V

AC

AN

CY

AVAILABILITY & VACANCY

Class A Class B Class C Class A Class B Class CAVAILABILITY VACANCY




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74

2,058

7,431

5.8

‐

1

2

3

4

5

6

7

8

9

10

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019

MON

THS TO

LEAS

E

THOU

SAND

S OF

SQUA

RE FEET

New Supply Net Absorption Under Construction Months to Lease

107

56

45

16

8

4

0

0

69

81

61

29

27

8

1

2

3

4

7

5

10

8

5

7

0 20 40 60 80 100

≤ 5,000 SF

5,001-15,000 SF

15,001-45,000 SF

45,001-75,000 SF

75,001-150,000 SF

150,001-250,000 SF

250,001-350,000 SF

350,001+ SF

# OF BLOCKS OF CONTIGUOUS SPACE

Class A

Class B

Class C

NEW SUPPLY, NET ABSORPTION, UNDER CONSTRUCTION & LEASE-UP TIME

BLOCKS OF AVAILABLE CONTIGUOUS SPACE

Source: CoStar

Source: CoStar




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TENANT SIGN DATE ADDRESS SFBLDG. CLASS

NNN RENT PSF

TERM (months)

RENTAL ESCALTIONS

CEILING HEIGHT

YEAR BUILT / RENOVATED

TYPE NOTES

Cooper Electric Supply / Sonepar USA

DEC 2019 315 Half Acre Rd., Cranbury 650,123 A $7.55 180 3.00% 38' 2004 / 2007 NEW76 docks, 2 drive-ins, 16k SF office, ESFR sprinklers

Amazon DEC 2019 50 Central Ave., Kearny 415,333 A $12.50 120 3.00% 40' 2020 NEW88 docks, 4 drive-ins, ESFR sprinklers, 261 car / 150 trailer parking, cross-docks

3PL Logistics Plus OCT 2019 200 Docks Corner Rd., Dayton 309,925 A $6.50 60 N / A 20' - 33' 1957 / 2013 NEW29 docks, 2 drive-ins, ESFR sprinklers, 138 car parking, 9k SF office

Arizona Iced Tea OCT 2019 21 Constitution Ave., Piscataway 288,115 B $7.35 N / A N / A 32' 2004 NEW38 docks, 5 drive-ins, ESFR sprinklers, 147 car / 53 trailer parking

N / A OCT 2019 1 Buckingham Ave., Perth Amboy 240,463 C $6.25 N / A N / A 18' 1955 / 1991 NEW 31 docks, 1 drive-in, wet sprinklers

Berje Inc. OCT 2019 700 Blair Rd., Carteret 234,325 B $8.50 180 N / A 16' 1962 / 2012 RENEWAL 4 docks, 30k SF office, 300 car parking

Amazon NOV 2019 125 North St., Teterboro 220,883 A $15.44 120 3.00% 40' 2018 NEW$5 PSF TI, 45 docks, 1 drive-in, 172 car / 79 trailer parking, ESFR sprinklers

N / A DEC 2019 140 Central Ave., Kearny 73,872 A $13.98 N / A N / A 36' 2019 NEW26 docks, 2 drive-ins, 90 car / 14 trailer parking, ESFR sprinklers

N / A OCT 2019 2600 71st St., North Bergen 62,000 B $10.00 N / A N / A 22' 1973 / 2003 NEW4 docks, 1 drive-in, wet sprinklers, 32 car / 100 trailer parking

N / A DEC 2019 798 Frelinghuysen Ave., Newark 38,340 C $10.00 N / A N / A 16' 1929 / 1994 NEW 2 docks, 3 drive-ins, 15 car parking, wet sprinklers

N / A DEC 2019 320 Half Acre Rd., Cranbury 38,000 A $8.00 N / A N / A 28' 2016 NEW4 docks, 1 drive-in, 20 car parking, ESFR sprinklers

N / A DEC 2019 26 Haypress Rd., Cranbury 31,500 B $8.50 60 N / A 18' 1992 NEW2 docks, 1 drive-in, wet sprinklers, 51 car parking

BYRZ OCT 2019 4 Cragwood Rd., Avenel 31,000 C $9.00 N / A N / A 20' 1963 NEW 3 docks, 1 drive-in, 25 car parking

Mam Takin OCT 2019 864-888 Magnolia Ave., Elizabeth 30,184 A $13.00 60 N / A 30' 2020 NEW 6 docks, 2 drive-ins, 60 car parking

- - WEIGHTED AVERAGE: 190,290 - $9.17 111 3.00% 31' 1988 / 2003 - -

I-95 NJ TURNPIKE CORRIDOR Q4 2019 NOTABLE INDUSTRIAL LEASES




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Source: CoStar

* Denotes Lee & Associates NJ Transaction

PROPERTY SALE DATE SIZE (SF) PRICE PSFCEILING HEIGHT

YEAR BUILT / RENOVATED

BLDG. CLASS

SELLER / BUYER NOTES

412 - 442 Ferry St., Newark NOV 2019 268,863 $17,250,000 $64 16' 1900 CTurnbridge Equities / Shorewood Real Estate Group LLC

Portfolio sale and adjacent 0.28 acres for $1MM

190 Wood Ave. S, Iselin OCT 2019 154,788 $19,350,000 $125 14' - 24' 1982 / 2019 BAIG Global Asset Management Holdings Corp. / LBA Realty

100% leased, 2 docks, 2 drive-ins

7300 West Side Ave., North Bergen

NOV 2019 130,000 $22,000,000 $169 22' 1969 B Bergen Logistics / Link Industrial PropertiesSale Leaseback, 21k SF office, 120 car parking, wet sprinklers, 19 docks, crossdocks

1501-1525 W Blancke St., Linden OCT 2019 115,935 $18,886,114 $163 16' - 22' 1955 CPenwood Real Estate Investment Management / Link Industrial Properties

Portfolio sale, 5 docks, 3 drive-ins, 113 car parking

2401 E Linden Ave., Linden OCT 2019 83,220 $14,713,886 $177 21' 1960 BPenwood Real Estate Investment Management / Link Industrial Properties

Portfolio sale, 10 docks, 3 drive-ins, wet sprinklers, 5k SF office, 74 car parking

101 Linden Ave. E, Jersey City OCT 2019 74,304 $13,350,000 $180 22' 1975 B Anheuser-Busch / CenterPoint PropertiesRedevelopment, 100% vacant, 4 docks, 4 drive-ins, cooler, 1 freight elevator, 23k SF office, 200 car parking

110 Minue St., CarteretOCT 2019 74,000 $7,550,000 $102 14' - 20' 1964 C The Hampshire Companies, LLC / Dino Tomassetti 100% leased, 2 drive-ins, 14k SF office, 58 car parking

1 Walnut St., Perth AmboyOCT 2019 60,300 $5,950,000 $99 12' - 25' 1969 B First Street Properties / MNC Realty, LLC

50% leased, 10k SF office, 8 docks, 1 drive-in, wet sprinklers, 153 car parking

1200 Airport Rd., North Brunswick

DEC 2019 50,993 $5,589,675 $110 19' 1986 C 1200 Airport Road LLC / Venture One Real Estate

Flex, deferred maintenance, 7 docks, 2 drive-ins

1413 Chestnut Ave., Hillside DEC 2019 45,000 $4,500,000 $100 14' 1960 C Royal Candy Co Inc. / Quality Cooling Supply Corp. Owner-user, 2 docks, 2 drive-ins, 3k Sf office, wet sprinklers

55 Railroad Ave., Ridgefield NOV 2019 39,896 $10,000,000 $251 28' 2002 B Qualimax LLC / Brookfield Property Group100% leased, 4 docks, 1 drive-in, 45 car parking, ESFR sprinklers

WEIGHTED AVERAGE: 99,754 $12,649,061 $127 19' 1966 / 2019 - - -

I-95 NJ TURNPIKE CORRIDOR Q4 2019 NOTABLE INDUSTRIAL SALES




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Compiled by Lee & Associates New Jersey. Methodology: Inventory includes all existing, under-construction and under-renovation Class A, B and C industrial and flex properties. *All vacancy and rent metrics are direct and do not include sublet market data. All Informations from a source deemed reliable, however no representation, expressed or implied is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omission, change of price, rental or other conditions imposed by our principals.

LEE & ASSOCIATES - NEW JERSEY is part of the 60 office Lee National network

$15+

BILLION TRANSACTION VOLUME (2018)

1000+

BROKERS AND GROWINGNATIONWIDE

1st

PRIVATE BROKERAGE FIRMIN UNITED STATES

91%

INCREASE TRANSACTION VOLUME

OVER 5 YEARS

Drew Maffey | Assistant Vice PresidentD: 973.406.2493 C: 908.217.9746 [email protected]

Rick Marchisio | Principal/PresidentD: 973.475.7055 C: 908.930.7306 [email protected]

Crista Governara | Vice PresidentD: 732.204.1121 C: 973.868.4949 [email protected]

Will Ziegler | AssociateD: 201.458.5470 C: 908.210.6476 [email protected]

i-95 / nj turnpike corridor€¦ · 3pl logistics plus oct 2019 200 docks corner rd., dayton...

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