Hackensack, N.J. (March 31, 2020) – NAI James E. Hanson announces it has negotiated a lease with MetroMultimedia for an 18,000-square-foot industrial building at 211 South Newman Street in Hackensack, N.J. NAI James E. Hanson’s Andrew Somple, SIOR, Scott K. Perkins, SIOR, and Justin Allessio represented the landlord, The Stro Companies, in the NAI James E. Hanson exclusive transaction.
The deal marks the second transaction negotiated by NAI James E. Hanson on South Newman Street in the last year. In June 2019, Somple, Perkins and Allessio represented Spartech in the sale of the property to The Stro Companies in their acquisition of 211 South Newman Street and the adjacent 65,677-square-foot industrial building at 215 South Newman Street. Stro recognized that these buildings were in an ideal location just off of Interstate 80 and less than seven miles from the George Washington Bridge, 12 miles from the Lincoln Tunnel, and less than 20 miles from Newark Airport.
With the goal of bringing 211 and 215 South Newman up to modern standards, The Stro Companies immediately executed a strategic capital improvement plan that included upgrades to the roof, parking, truck court, windows, and façade along with increasing the building’s loading capabilities. Leveraging its ideal location in one of nation’s most in-demand industrial markets and adding a high degree of flexibility through these improvements, The Stro Companies was able to create a space well-suited to a wide range of industrial uses in a highly supply-constrained market.
“In a market as crowded and competitive as northern New Jersey, highly experienced brokerage teams can make all the difference for landlords hoping to find quality tenants at fair market value,” said Somple. “Through our deep understanding of the market, our team has built strong relationships with many of the area’s most successful developers like The Stro Companies to help them navigate all facets of increasingly complex commercial real estate transactions.”
Established in 2006, MetroMultimedia is a leader in live event production providing audiovisual services for special events, galas, conferences, meetings, conventions, and trade shows. Headquartered in Paramus, the company will be utilizing 211 South Newman Street for storage of multimedia equipment and fulfillment of orders in the tri-state area.