Listen to this articleLogistics solutions provider Harborlite Distribution will relocate to Plainfield following a new lease secured by Advance Industrial Group.
The tenant will occupy approximately 75,000 square feet of industrial warehouse space at 1000 S. 2nd St.
KSR represented the landlord in the transaction, while Cranbury-based Advance Industrial Group assisted Harborlite.
Situated within the Union County municipality’s industrial corridor, the site offers direct access to Interstate 287, the New Jersey Turnpike and Garden State Parkway. The property also features:
Haborlite Distribution provides trucking, warehousing, pick/pack and distribution services. Its extensive network includes container drayage and loose freight (LTL) pickup and delivery within a 70-mile radius of New York and jersey Jersey steamship and rail yards.
According to its website, the company previously had its base in Bridgewater.
The new tenant joins Injection Corp. at the 2nd Street location in Plainfield. The longtime tenant’s consolidation in Plainfield made way for Harborlite to join the roster, Advance Industrial Group said.
Creating opportunity
The AI Group is a boutique industrial real estate services team. Members boast backgrounds in logistics, tax strategy, trucking and asset management.
Commenting on the transaction, Advance Industrial Group partner Anthony Rittwager noted market hurdles affecting this deal and others like it in the current environment.
The site housed an about 280,000-square-foot manufacturing facility with certain legacy features requiring updates to meet modern needs. Cooperation, communication and creativity helped produce a deal benefiting all parties.
“That collaboration enabled us to structure an agreement that balanced improvements, costs and long-term value,” Rittwager explained. “It’s a great example of how complexities can become win-win when experienced advisors help bridge gaps and turn challenges into opportunities.”
We’ve found users of industrial space have had to get more and more creative with their real estate solutions …
— Anthony Rittwager, partner, Advance Industrial Group
The issue of getting tenants to see spaces for what they could be and offer, as opposed to how they may look, is not unique to this scenario.
“We’ve found users of industrial space have had to get more and more creative with their real estate solutions as New Jersey industrial space continues to go through this metamorphosis,” Rittwager explained to NJBIZ. As “institutions have been buying up industrially zoned sites, building these beautiful huge boxes with big price tags in order to meet their underwriting goals,” traditional and local users are getting more creative to maintain relevancy and meet pricing.
