Sudler secures first tenant in lakewood spec building six months before construction ends
LAKEWOOD, NJ — The Sudler Companies’ 70,000 s/f warehouse space at 1205 Paco Way in Lakewood is still under construction but it’s already leased 25,000 s/f to Iboco Integrated Wire Management, a European leader in the field of wire management with a presence in more than 37 countries. Sudler opted to build both 1205 Paco Way and its sister building at 1001 New Hampshire Ave. on spec and the decision has paid off, with the New Hampshire Ave. building fully leased less than a year after completion, and Paco Way already more than 1/3 leased before completion. The location just off Rte. 70 and the Garden State Parkway Exit 88/89 has recently attracted a diverse range of consumer, commercial and corporate tenants including SkyZone, Perma Pure, Trinity Seafood aka Buckhead Beef, Blackman Plumbing and SUNRUN Inc.
“We knew the expanded Exit 88/89 Interchange of the Garden State Parkway was coming, and would make Lakewood a more economical but equally convenient option for us as a developer as well as for our tenants that also want to be near Philadelphia,” said Peter Sudler, president and CEO of Sudler Company. “The popularity of these buildings reflects the strong New Jersey industrial recovery, especially in this region, and is the impetus for additional sites we have coming on-line in the near future.”
Sudler’s success in the region can also be linked to the central location of Lakewood and the growing shore economy, as well as it being within an Urban Enterprise Zone.According to a recent Colliers International report, leasing throughout New Jersey was robust in 2015 with Central NJ’s industrial vacancy rate falling to an historic low of 6.5%.Sudler has been developing in Lakewood since the 1960’s, featuring its Corporate Park Lakewood, a 1,200,000 s/f property that has been 98% leased since January 2014.
Both buildings were constructed with state-of-the-art Tilt Up Construction panels and offers 32 foot clear ceilings, multiple loading docks that are tailboard or drive-in, and an ESFR sprinkler system among other energy efficient features. Sudler Real Estate is a family-owned business now in its third generation. Sudler takes a conservative approach to real estate development, construction and management, emphasizing thoroughly researched site selection, functional design and solid construction. Since 1907, Sudler has kept pace with the shifting needs of the corporate real estate industry, favoring solid long-term investments to high-risk ventures for fast returns. Specializing in turn-key projects for major corporate clients, it offers buildings with trouble free, low maintenance features and first-class materials in prime locations.