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HACKENSACK, N.J, NOVEMBER 12, 2009 -NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, announced today the recent completion of a five-year 38,317-square-foot industrial lease transaction at 450 Murray Hill Parkway in East Rutherford, New Jersey. NAI Hanson's Associate Vice Presidents, Tom Vetter and Jeff DeMagistris, represented the landlord, Safer Development, in this transaction. "East Rutherford is an ideal distribution point for companies relocating out of the City due to its convenient location, just 7 miles west of Midtown Manhattan," commented Vetter. "In this transaction, the tenant was in search of a well-located, industrial facility in Northern New Jersey that could be utilized as the company's distribution hub in the Northeast region of the state. We were able to work with the tenant to negotiate a long-term lease within this high quality facility in order to meet the needs of both parties." Located near Routes 3, 17, 21 and the New Jersey Turnpike, 450 Murray Hill Parkway is a 340,000-square-foot industrial building with 15' ceiling heights, dedicated loading docks and ample parking. The tenant, Baby Playtime will utilize this space for warehousing and distribution of children's furniture and accessories. "During these turbulent economic times, completing industrial transactions of this size is not an easy accomplishment and requires a lot of hard work, dedication and creativity by brokers and the parties involved in order to successfully negotiate agreeable terms," remarked DeMagistris. "In this transaction, we were able to work our client, Safer Development, an established and well regarded landlord, in order to collaborate and devise price points and space requirements that would fit Baby Playtime's needs. Ultimately, we were able to reach an agreement in a timely fashion and complete the transaction during these challenging times. We are pleased to have the opportunity to be involved in such a unique transaction and we look forward to working on similar deals in this area down the road." About NAI James E. Hanson Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise. NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 325 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company's Hackensack office at 201-488-5800 or visit www.naihanson.com.
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