Resource Realty of Northern New Jersey on Wednesday announced two new warehouse/industrial lease agreements totaling 72,716 square feet. The separate landlord representation assignments include properties within New Jersey’s eastern Morris and northwestern Essex counties.
At 905 Murray Road, East Hanover, the Resource Realty brokerage team of Principals Tom Consiglio, founder, and Scott Peck, represented new ownership as exclusive leasing agent.
In the second transaction, Principal Greg Sabato and Vice President Dan Whitehead were engaged by Richards & Robbins, a longtime client, as the owner’s representative at 11 Madison Road in Fairfield.
In East Hanover, where access to the region’s extensive roadway network is fed by Route 10 and Interstates 287 and 280, Resource Realty represented the landlord, Morgan Stanley, which recently acquired the property as part of the Ridgedale Industrial Campus from Urban Edge. The 42,716-square-foot lease renewal involved Givaudan Fragrances Corp., a company focused on providing scents for food, beverage and beauty products. Based in Switzerland, Givaudan has maintained operations at 905 Murray Road for 15 years.
A prominent 197,840-square-foot building within the campus, 905 Murray Road occupies 9.15 acres within this top-performing, in-demand industrial center. Built in 1963, the property’s latest value enhancements include a new roof, parking lot and loading doors.
“East Morris has been and continues to be a sought-after market for a diverse roster of companies representing different industries and warehouse/logistics needs,” Consiglio said. “For this tenant, being a part of the industrial campus, regional connectivity to affiliated facilities throughout North Jersey and maintaining a significant square-footage of cooler space at 905 Murray Road, specifically, were important factors for maintaining their operations here.”
Cushman & Wakefield’s Steve Sander was the tenant’s representative in the transaction.
Located 7.8 miles from the Murray Road property is 11 Madison Road, a 50,000-square-foot, single-story building in northwest Essex County where Resource Realty exclusively represented the landlord, a private developer/owner. A 30,000-square-foot lease renewal was finalized with PPI Time Zero, which is now part of VIRTEX, an electronics manufacturing provider serving the military and aerospace, space and satellite, industrial and medical sectors.
“This long-term tenant has benefited from 11 Madison Road’s strategic location and highly improved building features and amenities, which ultimately resulted in choosing to remain in place,” Sabato said, who noted Resource Realty has a longstanding relationship with the owner of the building, which now serves as VIRTEX Mid-Atlantic Region’s regional service location, according to the company’s website.
Built in 1980, 11 Madison Road occupies 2.33 acres and offers immediate access to Route 46. Running east and west, the highway also connects to Interstates 80, 280 and 287 as well as Route 23. The flex warehouse space features 22-foot ceiling heights. Cresa Real Estate Co. represented PPI in the transaction.
