The partners previously teamed up on a multimillion-dollar capital improvement campaign at another property within the Iselin corporate complex.

The industrial property spans approximately 7 acres and can support a range of uses, including warehouse, manufacturing and flex.

According to the firm, the 39,800-square-foot site has the only existing refrigerated space available for lease in North Jersey.

The Project and Construction Management groups from Avison Young's New Jersey office transformed the formerly single-tenant space on behalf of landlord Terreno Realty Corp. 

Vacancy rates in the sector hit their lowest point in two decades, while absorption set a record-high for the same time span, totaling approximately 14.5 million square feet.

The New York-based company's Garden State commercial portfolio boasts 631,784 square feet in Piscataway and Bloomfield.

“Restaurant Technologies’ new lease underscores the current flight to quality trend in the market, with the company relocating from a class C to class A property," Senior Vice President Timothy Cadigan said in a prepared statement.

The property "provides an attractive investment opportunity for a company to acquire a fully leased industrial asset thoroughly equipped for a variety of e-commerce and logistic uses,” said Principal Edward English, who was part of the team representing the seller.

Eric Stone brings more than 30 years of experience with him to the firm's Morristown office.

Drew Persson, a principal in Avison Young's New Jersey office, represented the company in its move and expansion.

Avison Young said its New Jersey Project Management Group was retained by Opal Holdings LLC to oversee construction at 194 Wood Ave. South in Iselin.

Urban Edge Properties purchased the 187,013-square foot industrial property as part of its acquisition and redevelopment strategy.