Cedar Knolls, N.J., September 7, 2018 – Newmark Associates announced the recent completion of fully leasing 30 industrial flex units at 7 Industrial Parkway in Livingston, New Jersey.
Deborah Myers, Managing Director/Broker-Associate, and Charles Ritschel, Senior Sales Associate, managed the leasing of the building on an exclusive basis for the building owner with whom Newmark Associates has had a successful, long-standing relationship for over 20 years. Ms. Myers represented the owner when he originally bought the property and has completed many other transactions with him.
Ownership constructed the 41,250 SF building from the ground up on 5 acres of land in a modern and functional design. The building consists of 1375 SF units, each including a small office area, bathroom, open warehouse space, and drive-in door loading.
“With the Industrial/Flex market being a highly ‘in demand’ asset class, having newly constructed smaller units (with the ability to assemble additional units for more space) with drive-in loading and available parking, allowed us to fully lease the building in less than 9 months,” Ms. Myers commented on the velocity with which full occupancy was attained.
Prospective tenants were attracted to the property in part because of the new construction, ample parking, and smaller square footages. The tenant base businesses include: inventory storage, electrical contracting, machine shop, logistics, and distribution. Additionally, many of the tenants are local and wanted a location in close proximity to where they live.
Located directly off Route 10, accessible from both east and west bound lanes, the property is near big box stores and less than 1.5 miles from a new retail center, The Corner at Livingston Circle.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, has earned recognition as one of the top real estate brokerage companies by NJBIZ magazine, and the CoStar Commercial Real Estate organization. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.