Edison, New Jersey
February 24, 2020
FULL OCCUPANCY AND RECORD RENTAL RATES IN 15 MILLION SQUARE FOOT PORTFOLIO
Heller Industrial Parks, one of the nation’s largest privately-held distribution center owner/managers, announced today that it completed 32 transactions involving 3.7 million square feet in 2019. “2019 was a banner year in terms of both tenant retention and rental increases. Online sales fulfillment, high demand and low inventory continued to drive rentals in 2019 to levels we’ve never seen before,” according to Frederick Kurtz, VP of Leasing/Marketing at Heller Industrial Parks.
“And these rents have allowed us to heavily reinvest in our properties, keeping them competitive and highly functional even against newly built distribution centers.”
Thanks go to the following brokers who worked with Heller’s in-house leasing team of David Paster and Fred Kurtz to keep the portfolio at 100% occupancy in 2019:
• JLL: Joel Lubin, Todd Burnette
• C&W: Jason Barton, Chuck Fern, Jules Nissin
• CBRE: Dorothy Chuang, Lou Belfer, Pat Lafferty
• NAI DiLeo Bram: Chris Galliano
• Lee & Associates: Rick Marchisio, Christa Governara
• Weichert Commercial: Tony Baseil
• Newmark Knight Frank: Kyle Eaton
• Cresa Partners: Jim Scancarella
• United Realty Advisors: Mark Tannen
• Team Resources: Greg Shalom
• Commercial Realty Partners: Mark Szollar, Chris Razzuoli
• Bussel Realty: Jordan Metz
• Fisher & Company: Ted Uzelac
• AJR Commercial: Art Reinitz
Highlights of this year’s transactions include:
Highest Value Deal: Halls Warehouse, Edison NJ
Largest Renewal/Expansion: Woodstream, Mechanicsburg, PA as represented by Pat Lafferty, CBRE
“Higher rental rates continue to force lower-margin distribution business south and west, with regional carriers having a rent advantage via greater location flexibility. It’s the family-owned and generally smaller warehouse clients who need to be near the port and the North Jersey / NYC markets that are having the most difficulty finding an affordable home. As far as one can tell, the shift in market dynamics is permanent,” concluded Kurtz.
About Heller Industrial Parks
I. Heller Construction was founded by Isaac “Ike” Heller in 1966, who later founded Heller Industrial Parks. Based in Edison, NJ it is a full-service privately-held firm that develops, owns, leases and manages its own portfolio of over 15 million square feet of modern distribution and logistics buildings nationwide. Heller’s sites are strategically located with superior truck and port access. For more information, please see www.hellerpark.com
