Resource Realty of Northern New Jersey arranges 57,000+ SF of industrial leases in Warren, Morris Counties

In a series of recent industrial transactions, Resource Realty of Northern New Jersey (RRNNJ) has brokered five leases totaling over 57,316 square feet. The RRNNJ brokerage teams represented each of the landlords and/or tenants in the deals spanning Warren and Morris counties.

In the largest of the transactions, RRNNJ Principal Brian Wilson represented Devli Group, the landlord, in two leases of 23,399 square feet and 14,416 square feet at 103 Bilby Road in Hackettstown. The industrial-flex property spans 59,400 square feet and features 25-foot ceiling heights and seven loading docks. Situated on a 15-acre, three-building site less than four miles from I-80 and U.S. Route 46, the property offers strategic access to New York City, Northern New Jersey and Eastern Pennsylvania.

“The landlord at 103 Bilby Road was able to capitalize on the elevated demand for warehouse space less than an hour from New York City as well as Hackettstown’s proximity to Pennsylvania,” said Wilson. “The building’s access to major logistics arteries, including I-80, I-78 and I-287, underscores modern tenants’ demands for connectivity to multiple regional markets.”

Capitalizing on the success and competition along the I-80 corridor, RRNNJ also secured three tenants at industrial facilities in Rockaway and Randolph. Wilson, alongside RRNNJ Principals Greg Sabato and Scott Peck, represented both the landlord and tenant in a 12,020-square-foot lease renewal at 300 Forge Road in Rockaway. The property is located less than a mile from I-80 and within 30 minutes of New York City.

Wilson also represented the tenant in a 5,000-square-foot lease renewal at 3 Middlebury Boulevard in Randolph. The nearly 48,000-square-foot facility includes 11 loading docks and is situated north of U.S. Route 10.

“The Morris County corridor continues to be a powerhouse for industrial property performance,” said Sabato. “The region’s strategic advantages persist in fueling its growth and positions it as a premier destination for tenants requiring superior logistics facilities.”

In addition, Sabato and Wilson also negotiated a 5,200-square-foot lease on behalf of the landlord at 385 Franklin Avenue in Rockaway. The flex industrial property features 22-foot clear ceilings and spans 81,000 square feet, with access to major local traffic arteries, including U.S. Route 10, Route 46 and I-287.

The Northern New Jersey industrial market continues to undergo a “flight to quality” trend, attributable to the delivery of new product since 2021. This is bolstered by a prioritization among tenant users to lease and/or purchase newer, more modern properties with more-efficient layouts, newer amenities and superior infrastructure, according to RRNNJ.