Logistics Giant Signs 233K SF Industrial Lease in New Jersey

New Jersey’s industrial market has been busy with deals, and another large lease has emerged.

Global logistics and shipping container firm Maersk signed a lease for 233,000 square feet at 200 Linden Logistics Way in Linden, New Jersey, the Commercial Observer reported. The six-figure lease represents nearly half of the 516,000-square-foot distribution facility.

The sponsorship team of the larger Linden Logistics Center is a joint venture of PGIM Real Estate, Advance Realty Investors and Greek Real Estate Partners. The building at 200 Linden Logistics Way is part of the aforementioned center, which spans 4.1 million square feet and sits less than 25 miles from Manhattan.

Maersk’s deal brings the Linden Logistics Center to 91 percent leased.

Financial details of the lease were not disclosed. Maersk will use the space as a hub for its ground freight distribution network of full-truckload and less-than-truckload deliveries. Its space will also have a 6,000-square-foot build-to-suit main office, shipping offices and locker rooms for employees.

CBRE’s Thomas Monahan and Larry Schiffenhaus represented the sponsors of the property, while JLL’s Jon Gorczyca and Gary Politi represented the tenant.

Maersk needs plenty of space for its containers and its vehicles, so it’s no stranger to large leases. Two years ago, the company inked a deal for a 1.2 million-square-foot distribution warehouse in the Mojave Desert north of Cajon Pass on the edge of the Inland Empire in California.

Elsewhere in New Jersey’s industrial market, Boston-based private equity firm Bain Capital teamed up with Oliver Street Capital last year to purchase 11 light industrial buildings from the Blackstone Group for $208 million.

In the fourth quarter, industrial leasing activity in Northern and Central New Jersey fell 4.5 percent from the previous three-month period, according to a report from CBRE. The vacancy rate in the market rose to 7.3 percent, rising 10 basis points as 1.9 million square feet in construction completions sat unleased.

— Holden Walter-Warner