Cushman & Wakefield secured the lease renewal of specialty manufacturer, Roller Bearing Co. of America, it announced.
The renewal of the 86,123 square feet at 370 Sullivan Way in West Trenton was handled by Cushman & Wakefield’s Matthew Marshall and Brian Hilger in the Conshohocken, Pennsylvania, office, along with Chicago-based Josh Feldman. Landlord Hilton Realty was represented in-house.
The property is 1.2 miles from Exit 2 of Interstate 95 and minutes from the Trenton/Mercer Airport. It is within walking distance of the West Trenton train station, which offers service to Philadelphia and Bucks County.
“Since Hilton purchased the property in 2006, 370 Sullivan Way and the Roller Bearing Co. of America have had a long history together in West Trenton,” said Mark P. Hill, director of leasing. “With the assistance of Cushman & Wakefield’s team of brokers, that history will continue with the inking of a new long-term lease.”
Hilton has been and will continue to invest in substantial improvements to the property.
Shifting market conditions are putting pressure on corporate tenants facing lease expirations to begin looking for space sooner rather than later, according to Marshall. Industrial availability, which seemed infinite two or three years ago, has tightened significantly.
“In Central New Jersey, we’re looking at vacancy of less than 4 percent,” Marshall said. “When we take tenants to market with specific criteria, they have fewer options and more competition, which means they can be less selective when it comes to negotiating. Sophisticated companies like the Roller Bearing Co. of America understand that the earlier they plan, the more leverage they can have with landlords during lease negotiations.”
