Kearny, N.J. (January 27, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated a lease for 2.4-acres at 97 Third Street in Kearny, N.J. NAI James E. Hanson’s Kenneth Lundberg, SIOR, Patrick Lennon, and Lorenzo Lambiase, MBA, represented the landlord, Terreno Realty (NYSE: TRNO) and Jason Crimmins of Blau & Berg represented with the tenant, Sarcona, in the transaction.
Located just five miles from Port Newark just off Exit 15E on the New Jersey Turnpike, 97 Third Street provides unparalleled accessibility to one of the most competitive industrial markets on the East Coast. NAI James E. Hanson represented Terreno Realty in the acquisition of the parcel in an off-market transaction in September of 2021. Building upon the success of the acquisition, NAI James E. Hanson was also selected by Terreno to secure a tenant for the well-located site.
Recognizing the strategic location of the site, Sarcona, a full-service logistics company offering trucking, warehousing and distribution services to the tri-state area, will be utilizing it for parking of their fleet of trucks, trailers, and chassis.
“Northern New Jersey’s land shortage and the explosive growth in the size of logistics fleets have caused industrial parking to increasingly emerge as its own asset class, and one that is trading at premium rates,” said Lundberg. “Terreno knew this site provided the ideal fundamentals to tap into this in-demand asset class and we were happy to leverage our expertise to help them realize value in this red hot market.”