Elizabeth, N.J. (October 29, 2020) – NAI James E. Hanson announces it has negotiated a lease for 28,900 square feet of industrial space at 475 Division Street in Elizabeth, N.J. NAI James E. Hanson’s Barry Cohorsky, SIOR, and John Koch represented the landlord, Tree Realty, and Robin Ritter-Ceriello of Cushman & Wakefield, represented the tenant, Motion Express, in the transaction.
Situated less than a mile from Newark Liberty International Airport, Port Newark – Elizabeth Container Terminal and the New Jersey Turnpike, 475 Division Street sits in the heart of the in-demand Ports industrial submarket. In addition to its strategic location, the 175,000-square-foot building features a variety of highly adaptable spaces ideally suited to the needs of tenants with complex logistics and distribution needs.
The building was a perfect fit for Motion Express, a locally owned trucking company serving the tri-state area as well as Pa. and Conn., as they aspire to tap into the submarket’s robust transportation infrastructure to grow their business. Motion Express’ 28,900-square-foot space boasts 18’ ceilings, five loading docks, ten tailer parking spaces, and 2,000 square feet of office space to provide the company with a highly efficient and streamlined warehousing and distribution-oriented space.
“While much of 2020 has been defined by uncertainty, the industrial market in northern New Jersey has remained stable with elevated demand for limited assets throughout the area continuing to drive pricing higher,” said Cohorsky. “We expect to continue to see tremendous demand for assets like 475 Division Street as they promise unmatched connectivity to the nation’s densest population centers as well as markets across the world.”