Heller Industrial Parks, an Edison-based private distribution center developer, announced Thursday that in the first half of 2014, the company has completed 30 transactions involving more than 3.3 million square feet of space.
“The first half of 2014 has been very active,” Brian Banaszynski, president of Heller, said in a statement. “The market conditions across our entire portfolio are very strong. In several instances, Heller was able to secure lease extensions and expansions well in advance of scheduled expirations. Tenants are also seeking to enter into longer term lease commitments, as the supply of well-located and well-maintained buildings such as Heller’s are becoming more limited in their availability. This level of activity puts Heller on pace to exceed last year’s high level of activity, which would be a significant accomplishment.”
Steve Kaufman, David Paster, Allan Ramsay and Fred Kurtz, the Heller leasing team, worked closely with brokerage firms in multiple states to complete the transactions.
Highlights include:
•Alba Wine & Spirits signed for 303,183 square feet in Edison. Larry Casey and Robin Ritter-Ceriello of Cassidy Turley represented Alba, while Paster represented Heller.
•Selective Transportation expanded and extended its lease for a total of 225,395 square feet in Edison. Joel Lubin of JLL represented Selective, while Kaufman represented Heller.
•Exel Logistics renewed a 219,698-square-foot lease and Frontier Logistics renewed a 200,000-square-foot lease in La Porte, Texas. Kurtz represented Heller in both transactions.
•Multi-Group signed a new 258,455-square-foot lease in Edison. Andy Parella of CBRE represented the tenant and Ramsay represented the landlord.
“There were a large number of transactions, ranging from 20,000 to 100,000 square feet, so far this year,” Banaszynski said. “Heller designs its buildings in order to accommodate all size requirements. While we are busy with the existing building portfolio, Heller continues to work on our fully-approved 2.6 million square foot project in South Brunswick, which is within the highly-desirable Exit 8A submarket.
We are carefully monitoring market conditions to determine when to proceed with expanding our portfolio by developing the next generation of Heller Industrial Parks.”
