If the local industrial market is any indication, New York may be the soul of the northeast, but New Jersey is the heartbeat.
“It’s location. It’s all about the location of New Jersey,” Savills Studley senior managing director Daniel Foley told Real Estate Weekly. “It’s proximity to the population of the New York Metro area. It’s huge.”
Foley has represented Coca Cola in multiple Garden State transactions in recent months, as the beverage company updates its facilities in the region.
The deals include a lease extension at 60 Deans Rhode Hall Road in Monmouth Junction, New Jersey. The property encompasses a 230,000 sf, LEED Certified built-to-suit facility that the company has occupied for approximately five years.
In addition, due to the installation of a new, automated loading system, Coca Cola Refreshments leased an additional 45 acres of adjacent land at 90 Deans Rhode Hall Road. Both properties are owned by Forsgate Industrial Partners, which was represented inhouse by Alex Klatskin, Steve Seiden and Andrew Moss.
Coca Cola also extended its lease for 243,000 sf at 118 Moonachie Avenue, in Carlstadt, NJ.
The industrial property features 25,000 sf of office space and is used primarily as a distribution facility. The landlord, Prologis, was represented by Paul Rosen.
Foley was not done. His team then negotiated the sale of the beverage company’s 42,180 sf industrial site at 704 Route 35, in Neptune, New Jersey. The property includes 13 acres of land and was sold to M&M Development LLC for an undisclosed amount.
Finally, Coca Cola Refreshments completed a sale of its 56,994 sf facility at 1500 Livingston Avenue in North Brunswick, New Jersey, which encompassed nine acres of land, also to M&M Development. M&M Development was represented by Jeff Lagowitz of Savills Studley.
Foley said that the company’s desire to not only extend their time in New Jersey but to also expand in the state is due to a somewhat perfect balance of location and relative affordability...Gigantic Coca-Cola commitment signals strength of industrial Jersey market
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