E-commerce company leases space in Newark

NAI James E. Hanson, a Parsippany-based commercial real estate firm, announced it has brokered an industrial space for an e-commerce company lease in Newark.

Barry Cohorsky and John Kosh of NAI Hanson represented the tenant, Eternity Crystal Logistics, in the deal.

ECL will be taking up 46,130 square feet of space at 16 Herbert St., a 304,000-square-foot industrial building, NAI Hanson said.

“As the ecommerce industry continues to explode, logistics networks are forced to compete for only a handful of industrial spaces that provide easy access to The Port of Newark,” Cohorsky said. “Unprecedented demand has caused leasing rates for industrial spaces like 16 Herbert to skyrocket, making it difficult for companies to secure space in this favorable location. Leveraging our extensive experience in this market, we were able to broker a lease that reflected a fair market value on behalf of Eternity Crystal Logistics.”