NAI Hanson said the 20,000-square-foot industrial/flex lease at 181 E. Halsey Road will provide additional space for storage and compound processing in conformance with food grade product requirements.
Scott Perkins and LJ Koch of NAI Hanson represented the landlord, Jofra Realty, in the deal.
“Although Morris County boasts exceptional accessibility and highly favorable demographics, the county’s industrial supply is well below that of the markets to the east. While that can make the market challenging for tenants searching for space, it provides many benefits to landlords like Jofra Realty,” Perkins said. “By leveraging our experience in the challenging Morris County market, we were able to strategically market this property to negotiate a long-term deal with a premier tenant on behalf of our client.”
Halsey Road is a 69,315-square-foot building situated in the center of Morris County, less than a mile from interstates 80 and 287. Morre-tec’s new space has 956 square feet of office, 23-foot ceilings and two tailgates.
“With only 38,603,715 square feet of rentable industrial building area, the Morris County industrial market remains one of northern New Jersey’s smallest. Only projected to add 25,000 square feet of new industrial space over the next several quarters, the market will continue to remain one of the region’s smallest,” Kristen Jost, research analyst for NAI Hanson, said. “Unfortunately for tenants and fortunately for landlords, the small size of the market and the continued westward migration of industrial tenants will continue to drive vacancy rates lower and rental rates higher over the next several quarters.”