CBRE completes renewal, expansion lease in New Brunswick

Commercial real estate brokerage firm CBRE Group Inc. announced Wednesday it completed a 173,746-square-foot industrial renewal and expansion lease in New Brunswick.According to the announcement, CBRE Senior Vice President’s Scott Belfer and Lou Belfer represented the landlord, Van Dyke Associates LLC, in the transaction. The tenant, Prime Source Building Products, renewed and expanded its lease at the property located 14 and 20 Van Dyke Ave.

Prime source will continue to use the location as its northeast distribution center and will stay in its 84,824 square feet of space at 20 Van Dyke, the firm said.  It expanded into 88,922 square feet of space at 14 Van Dyke since the property had additional storage available.

“The location of these warehouses, in addition to the price offered by the landlord, greatly contributed to the tenant’s decision to stay in place in the New Brunswick location,” Scott Belfer said in a prepared statement. “The property was also able to accommodate the tenant’s desire to expand its industrial footprint, which sealed the deal in this transaction.”

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