NAI Hanson Completes 20,000 Sf Lease Renewal In Wayne, New Jersey

Parsippany, N.J, NOVEMBER 12, 2009 -NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce the completion of a 20,000 square-foot lease at 400 Newark Pompton Turnpike in Wayne, New Jersey. NAI Hanson's W. Joshua Levering, SIOR Senior Vice President, Robert Borny, Sales Associate, and Gregory Reid, Sales Associate were brokers for the transaction.  NAI James E. Hanson represented the landlord, United Yard Products, Inc., while the tenant, Wayne Tile represented themselves.

In discussing trends in New Jersey's industrial marketplace, Levering stated, "unprecedented high vacancy rates are forcing many landlords to lower their asking rates to incentivize and attract new tenants.  Lower rents and incentives are now almost common in the renewal/retention of existing tenants. Although difficult for landlords and owners, this has created a significant cost saving opportunity for tenants who are willing and able to take advantage of these offers.  These challenging economic times are really affecting current market conditions.  Until there is some sort of clear direction with our market, high vacancies will continue to play a major role in shaping both landlord and tenant's decision-making".

Rob Borny and Greg Reid added "the building's convenient location, professional ownership and the competitive terms helped convince this long-standing tenant to agree to renew.  Everyone involved was comfortable with the agreed terms. Our building is 42,000 square-feet, owner occupied, free-standing and is easily accessible to all the areas major highways. Building features include 24' ceiling heights, large loading area with 3 tailgates, and a drive in, as well as ample parking for cars, vans, and trailers".       

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 http://www.naihanson.com/.

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