JLL Northeast Industrial Region announced today it has been retained by Heller Industrial Parks, Inc., as the exclusive leasing agent for a recently-completed 674,209 square foot state-of-the-art distribution facility located at 30 Sigle Lane in Dayton, N.J.
The newest addition to the Heller Park North complex, 30 Sigle Lane is the only immediately available industrial property of its size in the Exit 8A corridor, the heart of a multi-modal hub connected to national and international markets via highways, ports, railways and airports. The site provides immediate access to the nation’s most densely populated region, with over 24 million people living in the NY–NJ–CT–PA combined statistical area.
The exclusive JLL leasing team will be led by Vice Chairmen Rob Kossar, Leslie Lanne and Joel Lubin, Senior Managing Director Gary Politi and Vice President Charlotte Belling.
“We are thrilled to bring our experience in the industrial market to this first-of-its-kind partnership with Heller Industrial Parks, a forward-thinking developer with deep industrial expertise,” said Kossar. “As we are witnessing construction slowing down in this key corridor, 30 Sigle Lane is a uniquely desirable asset given the construction landscape – and a pivotal opportunity for occupiers eager to lock in well-located, modern industrial space to service increasing consumer demand in this region. We look forward to reintroducing this property to the market.”
Jason Grebin, President of Heller Industrial Parks, added, “This collaboration between our two organizations presents an exciting step for the Heller legacy – a dynamic combination of development expertise, market intelligence, and best-in-class consulting. Our work together will enable strategic real estate decision making to support tenants with end-to-end logistics solutions and gaining advantage in the New Jersey industrial market.”
According to JLL’s Q3 2023 New Jersey Industrial report, a drop off in construction starts caused by a difficult entitlement landscape and rising interest rates has resulted in just 1.8 million square feet of new product in the third quarter. Meanwhile, tenants are actively seeking approximately 17 million square feet of industrial space in the Garden State.
Said Lubin, “With a dearth of space forecasted over the next 12 months, we anticipate a great deal of interest from e-commerce, food and beverage and other distribution companies focused on strong distribution channels that support continued growth. The Northeast’s dense population and strong existing labor force make 30 Sigle Lane an extraordinary proposition in a highly competitive market.”
JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.76 billion square feet of industrial space and represents the largest industrial market in the United States.
