IDI Signs 1.35 Million SF Lease at Exit 8A in New Jersey
Developer Fills First Completed Facility at Middlesex Center 8A
Radnor, PA, January 20, 2010 – IDI, Inc., a full-service industrial real estate company, has executed a 1,351,200-square-foot lease at Middlesex Center in South Brunswick, NJ. The building’s new tenant will occupy the space beginning June 14, 2010 and utilize it as a distribution center to serve both its northeastern markets as well as its international operations. The facility was selected in order to facilitate the consolidation of numerous distribution sites in the eastern United States. The lease represents IDI’s largest deal
Middlesex Center is located proximate to the ports of New Jersey and New York and to roughly 30% of the US population. Middlesex I, which will be fully occupied by the new tenant, represents the first completed building at Middlesex Center, which is planned to offer 2.5 million square feet in three buildings. The park is located at Exit 8A of the New Jersey Turnpike.
IDI was represented by Frank Petkunas, senior vice president and regional development officer, as lead negotiator with assistance from Paul Torosian and Nate Demetsky of Cushman and Wakefield.
“This deal represents a clear endorsement of the strategic benefits associated with operating a distribution facility in New Jersey,” said Petkunas. “Deals of this magnitude are laden with a great number of economic, strategic and legal nuances and I’m thrilled to say that we finally got this one done.”
Middlesex I was completed in 2007 and features the most contemporary design components indicative of a class A distribution center inclusive of 36-foot ceiling heights, 279 dock doors, 167 trailer spaces and an ESFR sprinkler system.
IDI is a leading, full-service real estate property company with a singular focus on industrial real estate. The company provides development, investment, property management and leasing services supported by eight market-focused offices. To date, IDI has delivered 63 world-class business parks, and developed and acquired 134 million square feet of space in the U.S., Canada and Mexico for a growing roster of national and international clients. IDI also manages a portfolio of just over 56 million square feet.
IDI’s investment portfolio, backed by domestic and international investors in the public and private sector, has total assets in excess of 25 million square feet. Assets are owned through a combination of development partnerships, long-term hold joint ventures and investment funds. For more information on IDI, visit www.idi.com.