With a location just 5 miles from Port Newark – and right off of Exit 15E on the New Jersey Turnpike – NAI James E. Hanson negotiated a lease at 97 Third St. in Kearny.
The full service independent commercial real estate firm secured a lease for 2.4 acres with Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase representing the landlord, Terreno Realty, it announced Feb. 17. The tenant, logistics company Sarcona, was represented by Blau & Berg‘s Jason Crimmins.
Last September, NAI Hanson represented Terreno in its off-market acquisition of the Kearny property, which led to the firm’ selection to secure a tenant for the site.
Offering trucking, warehousing and distribution services in the tri-state area, Sarcona will use 97 Third St. to park its fleet of trucks, trailers and chassis, NAI Hanson said.
“Northern New Jersey’s land shortage and the explosive growth in the size of logistics fleets have caused industrial parking to increasingly emerge as its own asset class, and one that is trading at premium rates,” said Lundberg. “Terreno knew this site provided the ideal fundamentals to tap into this in-demand asset class and we were happy to leverage our expertise to help them realize value in this red hot market.”
In recent weeks NAI Hanson has announced a number of deals that center on properties that provide parking. In Union County, the buyer of a 28,000-square-foot industrial property plans to raze the building for overflow parking for its existing business. Meanwhile, an unused industrial fuel storage site in Ridgefield Park will provide parking for the buyer – a waste management company – and its growing fleet of vehicles.i