Commercial real estate brokerage firm CBRE Group Inc. announced Tuesday that it had completed two large industrial leases, each covering more than 400,000 square feet.
Home improvement retailer Home Depot signed one lease for 467,987 square feet at 100 Riverside Drive in Keasbey located within Woodbridge Township. Plumbing and building supplier Ferguson Enterprises signed the other, a 10-year lease for 449,981 square feet, at 50 Meadowlands Parkway in Secaucus.
CBRE said these were the third- and fourth-largest industrial transactions in New Jersey during the past three quarters.
“As evidenced by these two large deals in the sector, home building and home improvement are on the upswing, particularly in New Jersey,” William Waxman, a CBRE executive vice president, said in a prepared statement. “This echoes the national trend in increased construction spending, which marks an economic uptick steered by the residential market. The expansion of Home Depot and Ferguson’s operations in the state shows a clear sign of improvement for the real estate industry and for the economy overall.”
Waxman, Executive Vice President Mindy Lissner and CBRE Atlanta’s Tony Kepano led the team that worked on the Home Depot deal. Waxman and Lissner also worked on the Ferguson deal, along with First Vice President Matt Corpuel, Client Services Specialist Jamie Dennison and CBRE Baltimore’s Bill Pellington.
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