LAKEWOOD, NJ — Sudler Companies has leased all four spec buildings totaling 225,600 s/f at its Corporate Park Lakewood prior to their completion, bringing the Lakewood portfolio to 100% occupancy. The last of those four buildings is an 80,000 s/f build-to-suit.
Sudler Companies, founded more than 110 years ago, owns and operates three additional regional logistics/warehouse parks in New Jersey and a portfolio of properties in other states of over 7,000,000 s/f which are also running at near record occupancy levels. In addition, Sudler presently has under development large industrial parks in South Carolina and Florida.
“We have responded to the unprecedented demand for well-located industrial real estate by ramping up our development, construction and leasing activities despite the complications of COVID-19,” says Peter D. Sudler, Chairman and CEO of Sudler Companies. “As demand is increasing, we are capitalizing on opportunities to update and expand our positions on those sites – and with our large land bank we are able to respond rapidly to growth requirements.”
Among the recent transactions, the largest property at 1719 Oak St. in Lakewood totals 74,400 s/f for a light manufacturing user. The new 825 Towbin Ave. location features 40,000 s/f for Fullfillrite, an e-commerce distribution driven business nearly doubling its capacity. The third and fourth properties were leased to long-time Sudler tenant, a pharmaceutical enterprise, soon to occupy a state-of-the-art 31,200 square foot lab and logistics facility at 1220 Paco Way and a build-to-suit 80,000 s/f building at 1215 Paco Way that will break ground in December.
“We have confidence in the market, so we are eager to build out sites in advance,” said Brian Sudler, principal of Sudler Companies. “Users typically don’t want to wait for the 2-3 years it takes to develop a new location, so having ready-to-build sites is enormously beneficial. Often, as in Lakewood, our existing tenants are the first to respond when we can help upgrade or expand their businesses because of our long history with them.”
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