NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced two lease renewals for industrial spaced located at 99 Murray Hill Parkway in East Rutherford, N.J. Pittsburgh Glass Works LLC renewed its lease for 24,000 square feet and EC Hair renewed its lease for 16,438 square feet. NAI Hanson’s Kenneth Lundberg, SIOR, Steve Pastor and Patrick Lennon represented the tenants and landlord, 99 Murray Hill Parkway, Inc., in the transactions. Thomas Vetter, SIOR, and Jeff DeMagistris, SIOR, assisted in negotiating the lease renewal for the EC Hair transaction.
Situated on 8.4 acres in the heart of the Meadowlands, 99 Murray Hill Parkway is a 142,624-sqaure-foot industrial building located just south of MetLife Stadium and offers supreme accessibility to the New Jersey Turnpike and New York City via the George Washington Bridge as well as Routes 3, 17, and 120.
Pittsburgh Glass Works operates over 100 auto glass and shop accessories distribution branches throughout the U.S. and Canada. Offering more than glass, their distribution network provides small order, same-day or overnight auto glass delivery to more than 27,000 customers. The lease renewal will enable them to continue to support their distribution needs in the local market.
EC Hair, a leading haircare products distributor, currently utilizes the space at 99 Murray Hill Parkway to operate their large distribution and warehousing business. The premier location will allow them to continue to fulfill orders for retailers across the tri-state area and beyond.
“Deals like this highlight the strong growth factors powering the Meadowlands industrial market,” said Lundberg. “A relatively limited pipeline of new development and increased demand from distribution and warehousing operations has caused rents to continue to rise in the Meadowlands. Like Pittsburgh Glass Works and EC Hair, many tenants in this market are seeking to negotiate renewals in existing spaces to mitigate the impact of continued rate increases.”
NAI James E. Hanson has recently published its 1Q 2017 Northern and Central New Jersey Industrial report, which highlights market trends and key data. To stay connected with NAI James E Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook (www.facebook.com/NAIHanson), Twitter (@NAI_Hanson), and LinkedIn (https://www.linkedin.com/company/nai-james-e-hanson).
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 400 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.