A tenant in Edison is staying put in the warehouse it occupies for another 10 years, following a lease renewal announced by Bussel Realty Corp., the latest in a string of recent deals that also included arranging a lease for industrial outdoor space elsewhere in Middlesex County.

In Edison, BRC‘s Metz Industrial Group secured the continuation at the Class A, 80,000-square-foot industrial property located at 141 Fieldcrest Ave., which offers cold storage, along with access to major roadways.

Senior Vice President Jordan Metz and Sales Associate Benito Abbate represented both the landlord and tenant in the transaction.

“We are thrilled to secure a new 10-year full-building lease, stabilizing the asset with an excellent credit tenant in a highly desirable industry (food distribution),” Metz said in a statement. “The Class A, free-standing 80,000-square-foot space has an approximately 20,000-square-foot cold-storage component, a coveted feature with almost zero available supply in the market. The property also features active rail service.”

That cold storage is key, especially due to the tenant’s business. Third-generation, family-owned A. Panza & Sons is a full-service distributor of soft-serve ice cream mixes and related products. In May 2022, the company partnered with GlacierPoint Enterprises Inc., adding scale, boosting its product offerings and increasing its foodservice distribution capabilities.

In addition to the cold-storage space, BRC said 141 Fieldcrest Ave. features 8,000 square feet of office space, 33-foot clear ceiling heights, 11 tailboards, one drive-in door, heavy power as well as parking for 55 cars and 15 trailers.

According to Metz, during the short time that the property was on the market, multiple offers came in.

“[A]t which point we were able to quickly reach a deal with the existing tenant for a long-term lease renewal,” Metz explained in a statement. “The Metz Industrial Group is grateful to have exclusively represented the property’s ownership for the past approximately 15 years in a series of lease transactions.”

The property owner was not disclosed.

Situated on 4.4 acres, 141 Fieldcrest Ave. is located near Exit 10 of the New Jersey Turnpike, Interstate 287, Routes 440 and 34, the Garden State Parkway and the Outerbridge Crossing.

The Metz Industrial Group recently tied up other deals in the industrial sector at the end of October.

In Linden, the team renewed a lease for 35,000 square feet at 2020 S. Stiles St. with logistics company AEX Group. Metz and Abbate represented the landlord, Linden Wholesale & Distribution Co., in the five-year renewal.

“The existing tenant signed a long-term renewal, enabling them to continue offering last-mile logistic services in Northern New Jersey, and stabilizing the asset at a rate consistent with the current market,” Abbate noted at the time.

ISO IOS

The Linden deal was followed closely by the team securing a 10-year industrial outdoor storage lease in South Plainfield with machinery rental company EquipmentShare.

Located at 456 Hollywood Ave., the property also features an 11,500-square-foot industrial building situated on about 4 acres with abundant parking, according to BRC. Metz and Abbate represented the tenant; the landlord, Ridgecut Road/Marcus Partners, was represented by Cushman & Wakefield.

Just a couple of weeks after the lease was revealed, CushWake announced it served as exclusive advisor to Ridgecut Road and Marcus Partners in procuring $8.945 million in financing for that South Plainfield property with local Lakeland Bank providing the stabilized refinancing loan.

Cushman & Wakefield’s Equity, Debt & Structured Finance team of Vice Chair John Alascio, Senior Directors TJ Sullivan and Chuck Kohaut, and Associate Chris Meloni represented the borrowers in the transaction.

“456 Hollywood Ave. presented lenders with an attractive opportunity to finance an industrial outdoor storage site in the country’s preeminent IOS market with a brand new, market lease in place to a national tenant,” Alascio said in a Nov. 1 statement. “Strategically located just off Interstate 287 and only 25 miles from the Port of Newark, 456 Hollywood Ave. is an ideal site in a high demand and even higher barrier to entry industrial market.”

According to the October BRC announcement, the move expanded EquipmentShare’s footprint to the North Jersey region.

“The industrial outdoor storage sector has seen rapid growth in recent years, driven by the increasing demand for strategically located parking/outdoor storage sites,” Metz and Abbate remarked at the time. “456 Hollywood [Ave.] offers 4 acres of clean, paved, lit, and fenced parking with a functional 11,000-square-foot warehouse. It perfectly suited EquipmentShare’s expansion into the New Jersey market, resulting in a win-win situation for both landlord and tenant.”

Metz and Abbate also emphasized the cooperative efforts leading up to the deal.

According to Cushman & Wakefield, the property offers access to 10.3 million consumers within a one-hour drive.

Commented Marcus Partners Senior Vice President Todd Minerley, “456 Hollywood provided EquipmentShare exactly what they were looking for in a new home in New Jersey and speaks to the continued demand we are seeing for well-located, functional low coverage industrial assets with outdoor storage.”