Resource Realty of Northern New Jersey has completed three industrial-leasing transactions along the Interstate-80 corridor in western Morris County.
The leases account for 15,496 square feet of industrial space in Randolph and Flanders and underscore the demand for strategically located properties along key regional arteries in New Jersey, as well as the region’s continued expansion as a logistics hub.
Resource Realty Principals Brian Wilson, Tom Consiglio and Scott Peck represented the landlords in all three locations. Wilson also represented the tenant in one of the transactions.
“Randolph and Flanders sit at the crossroads of Interstate 80, Interstate 287 and routes 10, 46, 202 and 206,” Wilson said. “That level of connectivity is why we continue to see steady demand for industrial space along this corridor.”
In the largest of the three transactions, Wilson and Consiglio represented the landlord at Commerce Park Commons in Randolph, securing a tenant for 7,800 square feet at the recently renovated 273 Franklin Road property. Located less than two miles from routes 10 and 46, the property has 12-foot clear ceilings and ample parking.
The Resource Realty team worked alongside Christie’s International Real Estate, which represented the tenant in the transaction.
Wilson also represented both the landlord and tenant in a lease for 2,550 square feet at 7 Middlebury Blvd. in Randolph. The property has access to Route 10 and is situated within an established light industrial area serving local trade and service businesses.
“Today’s industrial tenant demands a premium product in a premium location,” Consiglio said. “These transaction locations offer the kind of connectivity that already commands a premium, which means tenants continue to compete for properties with modern amenities in these submarkets.”
Wilson and Peck also closed a third lease transaction for nearly 5,146 square feet at 1 Gold Mine Road in Flanders. Almetek Industries Inc. is the new tenant at this location.
The property is located across the street from the ITC Crossing South shopping center less than two miles from the Route 206 and Interstate 80 interchange. It also has 18-foot clear ceilings and a loading dock.
