Industrial tenant re-signs for 406K square feet in Carteret

Continental Terminals renewed its full-building lease in Carteret, where the third-generation, family-owned and operated warehousing business occupies 406,437 square feet of industrial space.

NAI James E. Hanson announced the agreement Oct. 19. The firm’s Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio represented the owner – an unnamed, leading institutional real estate investor – in the transaction for 200 Middlesex Ave., while Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant.

Continental Terminals, which was established in 1958 and stores coffee and cocoa, has been a tenant at the property since January 2016, according to NAI Hanson. The location is strategic – less than 2 miles from Exit 12 on the New Jersey Turnpike and with easy access to the Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport – allowing the business to serve both national and international clients.

“It’s safe to say that finding over 400,000 square feet of prime industrial space in a market like Carteret is virtually impossible in the current market,” Perkins said in a statement.

According to NAI Hanson’s recount of the third quarter, the Exit 10/12 submarket posted a vacancy rate of under 1.6%.

“In such a competitive market, institutional investors continue to be extremely well-positioned to create value from strategic leasing of their assets,” Perkins continued. “We were happy to help them negotiate a deal that would keep a long-term tenant in place while also capitalizing on the strong market.”

Perkins, Todd, Somple and James also provided advisory services to the institutional owner during their acquisition of the property in 2016.