55 Shepherds Lane, Totowa, NJ
TOTOWA, NJ—Commercial and industrial lighting manufacturer Coronet is leasing 90,000 square feet of space at 55 Shepherds Lane in Totowa, NJ. It’s a 58 percent increase in space from Coronet’s location at 77 Wood Street in Paterson, where it currently occupies 57,000 square feet.
Coronet will take a little over half of the 172,000-square-foot warehouse/distribution facility that Sitex picked up in June 2015.
“We’re excited Coronet has chosen this property as its headquarters,” says Sitex principal Blake Chroman. “We’re delighted to welcome them to the Sitex portfolio and look forward to watching their business grow.”
Sitex recently completed a major overhaul of the site. Improvements include a new roof, HVAC equipment, warehouse lighting, sprinkler systems, offices, bathrooms and parking lot.
The building’s modernization, coupled with its strategic location near I-80, made this an especially attractive opportunity for Coronet, along with a strong labor pool along and easy access to New York City and the Port of Newark/Elizabeth.
“This facility is ideally suited for our many needs,” says Coronet’s president and CEO, Russell Osur. “It has not only allowed us to retain our invaluable employees but also grow our business in a new, more efficient facility.”
Having Sitex as landlord gave Coronet additional confidence that it will be able to take additional space over time, Osur says.
John Friedland and Mark Tannen of United Realty Advisors represented Sitex in the transaction and are currently marketing the remaining 80,000 square feet of available warehouse space.