Allmodes Transport Inc. signed a 151,000-square-foot lease renewal in Morristown, according to a recent announcement from Taconic Partners which brokered the transaction.
Taconic’s latest investment located at 1 Cory Road, reflects the firm’s first industrial acquisition that has already achieved its first major investment milestone.
“Recently, we launched a new initiative to begin investment in well-located, superior, industrial assets and 1 Cory Road really fit our investment thesis,” David Milch, vice president at Taconic Partners said. “This transaction confirms our thesis that strategically located, high quality assets will continue to see high occupancy with healthy rent growth”.
Amid the continued demand for logistics sites and last-mile distribution centers, the New Jersey industrial market is still experiencing high leasing volume and historically low vacancy rates with minimal supply.
1 Cory Road is a 17-acre, 296,000 square foot, warehouse facility that offers 6.5 acres of parking, an amenity necessary for the asset’s transportation and shipping tenants. Located on the warehouse rooftop, a 450-kilowatt solar panel system provides clean energy to tenants and helps satisfy Taconic Partners’ ongoing commitment to sustainability.
1 Cory Road is 97% leased with 8,000 square feet of warehouse and two acres of car or trailer parking available.