WEST TRENTON, NJ—Specialty manufacturer Roller Bearing Company of America has renewed its lease for 86,123 square feet at 370 Sullivan Way in West Trenton, NJ. The Conshohocken, PA-based Cushman & Wakefield team of Matthew Marshall and Brian Hilger, along with Josh Feldman in the firm’s Chicago office, represented the tenant. The landlord, Hilton Realty, was represented in-house.
The 156,192-square-foot industrial/flex/office property is located 1.2 miles from Exit 2 of I-95 and minutes from the Trenton/Mercer Airport. The property is within walking distance of the West Trenton train station, which offers service to Philadelphia and Bucks County.
“Since Hilton purchased the property in 2006, 370 Sullivan Way and The Roller Bearing Company of America have had a long history together in West Trenton,” says Mark P. Hill, Hilton’s director of leasing. “With the assistance of Cushman and Wakefield’s team of brokers, that history will continue with the inking of a new long-term lease.”
According to Cushman and Wakefield’s Marshall, shifting market conditions are putting pressure on corporate tenants facing lease expirations to begin looking for space sooner rather than later. Industrial availability, which seemed infinite two or three years ago, has tightened significantly.
“In Central New Jersey, we’re looking at vacancy of less than four percent,” says Marshall. “When we take tenants to market with specific criteria, they have fewer options and more competition, which means they can be less selective when it comes to negotiating. Sophisticated companies like The Roller Bearing Company of America understand that the earlier they plan, the more leverage they can have with landlords during lease negotiations.”