NAI James E. Hanson said July 13 it negotiated a renewal with Worldpac for 43,419 square feet and a new lease with Silk Road Wholesale & Distributors for 27,169 square feet of industrial space at 343 Walsh Drive in Parsippany.
With these two leases, the modern, well-located industrial building is now 100% leased to two high-quality tenants.
NAI James E. Hanson’s Scott Perkins, Christopher Todd, William Ericksen and Dena Scott represented the landlord, Cranberry Realty, in both transactions. Jules Nissim of Cushman & Wakefield represented Worldpac and Chad Hillyer of JLL represented Silk Road Wholesale & Distributors in their respective transactions.
Located just over a mile from Route 46 and Interstate 80, 343 Walsh Drive is a 70,588-square-foot single-story industrial building boasting 22-foot ceilings, seven tailgates and two drive-ins.
Established in 1995, Worldpac is a leading importer and distributor of original equipment and quality aftermarket replacement automotive parts for independent service professionals. Headquartered in Newark, Calif., Worldpac’s space at 343 Walsh Drive is a key piece of its distribution and fulfillment network, spanning more than 100 strategically located facilities across the nation.
Formerly headquartered in a 10,000-square-foot facility in Fair Lawn, Silk Road Wholesaler & Distributors outgrew its facility and hoped to find a similarly well-located, but larger, facility to house its growing business. As a premier importer and direct supplier of nuts, dried fruits, herbs and spices, the new lease at 343 Walsh Drive will ensure the same high level of regional and national accessibility offered by its previous home, but in a space that fits the needs of the growing company.
“We continue to see the emergence of the Morris County submarket as the next industrial hotspot,” said Perkins. “Owing to its relative affordability compared to markets further east and its ideal accessibility, we expect to see growing demand for properties like 343 Walsh Drive in the quarters to come. In highly fluid market conditions like this, it is crucial that landlords partner with a brokerage team that possesses the market knowledge and local area contacts needed to successfully secure short and long-term fair market value for their assets.”