CENTRAL, NJ — Lee & Associates New Jersey announced recent transactions in Central NJ:
Underscoring the ongoing demand for well-located warehouse and logistics space, Lee & Associates NJ teams headed by Drew Maffey and Rick Marchisio have arranged two industrial transactions totaling 733,000 s/f in Burlington and Middlesex counties.
In the larger of the two signings, an international third-party logistics provider inked a 478,000 s/f, full-building lease at 1620 River Rd., within Burlington Industrial Park in Burlington. Maffey and Marchisio worked with Michael Lee of Lee & Associates’ City of Industry, CA, office, as tenant brokers in the transaction; Nate Demetsky of JLL represented the landlord.
“This property’s class A functionality and Burlington County address were major draws for our client, as was the opportunity to occupy the building as its sole tenant,” said Maffey. “The move to 1620 River Rd. will enable superior access to regional thoroughfares while maintaining proximity to the company’s additional area operations.”
In South Brunswick, Maffey, along with Will Ziegler and Matt Esposito of the New Jersey team, arranged a 255,000 s/f sublease at 301-321 Herrod Blvd. on behalf of a secure storage company. Lee & Associates’ Dave Saltzman represented the sublandlord in the transaction.
“Flexible sublease terms were very attractive to our client,” Maffey said. “Ultimately, this property’s class A features and Middlesex County location within the Exit 8A submarket created an ideal scenario. Both of these transactions speak to sustained tenant activity within the market – with the advantage going to quality product in prime locations.”
In Bridgewater, Kings Row Medical Properties has purchased a medical office/surgery center at 1081 Rte. 22 for $10.5 million. Lee & Associates' Erica Davidson represented the private-entity seller and procured the buyer in the transaction; the firm’s Gary Sopko provided transactional support.
Located in a market with strong demographics, this well-maintained asset with long-term triple-net leases drew numerous offers, according to Davidson.
“1081 Rte. 22 serves as an orthopedic hub, and its quality and stability commanded a premium price,” Davidson said. “The healthcare and medical office sectors continue to perform well in the current real estate environment. Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward.”
In Madison, Lee & Associates has negotiated the sale of 170 Main St., a 7,900 s/f historic building that served as a Masonic Lodge for nearly a century. The commercial real estate firm’s Peter Rasmusson and Rick Marchisio represented the seller, Madison Lodge #93, F&AM, in the $1.1 million transaction. The Borough of Madison, the property’s purchaser, was represented by its business administrator, Ray Codey.
The nearly 200-year-old, Federal-style specialty asset will be preserved and repurposed by the borough for use in part as a senior center. The two-story structure was originally constructed in 1825 as the Presbyterian Church of Chatham Twp. When the Presbyterian Church moved to a larger building on Green Ave', Madison Lodge purchased the former church and began meeting there in 1931, according to the Madison Lodge’s website.
Set on nearly three quarters of an acre, with parking for 35 vehicles, 170 Main St. sits in the heart of Madison.
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