Paper Maker Inks NJ Lease Extension

Sylvamo North America has extended its lease at 1500 John Galt Way, a warehousing and distribution facility in Florence, N.J. The International Paper spinoff will continue to occupy the 431,720-square-foot building. Colliers Senior Managing Director Marc Isdaner alongside Vice President Alex Stringfellow represented the tenant in securing its extended stay.

The warehouse at 1500 John Galt Way came online in 2008 within the Haines Center, an 800-acre master planned industrial park that comprises 15 buildings and some 4.5 million square feet of space. Central New Jersey-based Whitesell Construction Co. is the developer and current owner of the campus that includes manufacturing and distribution facilities operated by the likes of Amazon, Saddle Creek, Burlington, BJ’s and FEE Transportation. The most recently constructed addition to the park, a 310,960-square-foot building, came online in 2019, according to CommercialEdge information.

READ ALSO: What’s Next for Industrial Real Estate?

Currently the third-largest facility at the Haines Center, the building at 1500 John Galt Way has 30- to 37-foot clear heights, 180-foot truck courts and 40- by 60-foot column spacings. In addition to direct access to the NJ and PA turnpikes, the property also provides tenants with rail service via the Norfolk Southern’s Bordentown Secondary Line.  

Located roughly 8 miles south of Trenton, N.J., and 24 miles northeast of Philadelphia, 1500 John Galt Way is within half a day’s drive of Northeast’s largest cities, as well as Washington, D.C.

Gains in The Garden State

Relative to its size, New Jersey’s industrial market remains one of the nation’s highest performers—owned in part to its proximity to major population centers in the Northeast and Mid-Atlantic—with high asking rents, a large pipeline and a high transaction volume. According to a recent CommercialEdge report, The Garden State had nearly 8.5 million square feet of space under construction as of November across its three major markets, while currently online facilities command historically high rents of $10.06 per square foot. Meanwhile, year-to-date sales dwarfed those of Boston and Philadelphia, with $2.5 billion worth of transactions.

New Jersey’s industrial market is already off to a strong start this year. Earlier this week, Bridge Industrial secured $53.5 million in financing for the development of Bridge Point 999, a 291,758-square-foot building in South Brunswick.