By Linda Moss CoStar News
In one of the largest New Jersey industrial leases in the second quarter, an Italian logistics firm will be occupying 607,279 square feet at a large newly developed complex in Phillipsburg.
OMLog, which provides national and international distribution for luxury fashion products, has signed a lease for Building 3 at Bridge Point 78, a 3.9 million-square-foot industrial complex at 1000 Rand Blvd.
The industrial market in the Garden State remains strong, driven by its central location in a densely populated region and the continued rise in e-commerce, which accelerated during the pandemic. In a report earlier this month. Northern and central New Jersey recorded 8.2 million square feet of industrial leasing activity during the second quarter, the fourth-highest figure on record. That put the area’s vacancy rate at 5%, a historic low, according to the brokerage.
“Demand was mixed between new construction, as pre-leasing accounted for 1.75 million square feet of the overall leasing total, and the dwindling supply of large blocks on the market."
In its latest report on the North Jersey industrial market, the vacancy rate for that region at just 3.5%.
“New Jersey’s industrial market continues to break records as demand shows no signs of slowing. The market posted the fourth-highest leasing activity on record, strong net absorption and climbing rents — all signs of an extremely robust and healthy market.”
The OMLog deal ranked as the top industrial lease transaction in the second quarter, followed by: Dream on Me, which leased 539,000 square feet at 47 Veronica Ave. in Somerset; World Distribution Services, which took 480,740 square feet at 500 Linden Logistics Way in Linden; and Amazon at 65 Baekeland Ave. in Middlesex.
“Bridge Point 78 offered OMLog the ideal opportunity to expand its international operations in the heart of one of the Northeast’s main industrial distribution hubs. In addition to OMLog, the Class A complex is home to several big box tenants including Uniqlo and White Claw. With Phase 1 of the development fully leased, we look forward to marketing Phase 2, which includes two additional buildings totaling over 1.6 million square feet set to deliver next year.”
Bridge Point 78 is a master-planned development in the Interstate 78/81 corridor. The complex is located just 15 miles from the FedEx hub in the Lehigh Valley and 55 miles from New Jersey’s Port of Elizabeth.
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