C&W brokers 19,400 s/f HQ lease for Standard Logistics
JERSEY CITY, NJ — Cushman & Wakefield has brokered a long-term, 19,400 s/f headquarters lease with Standard Logistics at 530 Duncan Ave. in Jersey City. A division of Evans Delivery Company, the third-party logistics firm relocated locally to the warehouse/distribution property in an expansion move. Cushman & Wakefield’s Daniel Badenhausen and Andrew Stypa of the commercial real estate services firm’s Edison, NJ, office, represented Standard Logistics as well as property owner Engels Trucking (a long-time client) in the transaction. The building sits on 4.5 acres in the heart of New Jersey’s port submarket. It features a 36-door cross-dock terminal and ample accommodations for truck and trailer parking.
“This level of cross-dock functionality is lacking in the port, which really sets this property apart,” Badenhausen said. “As such, the offering drew significant interest. We had a half-dozen viable candidates for the space.”Under the Evans Delivery Company umbrella, Standard Logistics is part of the Evans Network of Companies. That market-leading logistics partner has revenues totaling over $250 million. “This is a growing company that operates on a great platform,” Badenhausen said. “It was time for a more robust facility, and 530 Duncan Ave. met Standard Logistics’ needs perfectly. The building is just down the road from its former headquarters, which made the transition seamless.”According to Badenhausen, strong demand in the port submarket continues unabated. “The Port of NY/NJ is a major driver of the New Jersey industrial market, as is the region’s proximity to the largest population concentration in the country,” he said. “Companies in the third-party logistics, e-commerce, and food and beverage industries, especially, are eager to establish or grow their local footprints here, resulting in strong competition for quality properties like 530 Duncan Ave.”