RIDGEFIELD, N.J., Feb. 21, 2017 - Third-party logistics firm KW International has expanded its New Jersey footprint with an 83,000-square-foot industrial lease at 2 Bell Drive in Ridgefield. Colliers International Group Inc. (NASDAQ: CIGI, TSX: CIG) represented the Carson, Calif.-based company in negotiating its long-term commitment at the Sitex Group LLC property.
Colliers' Mike Markey and Jon Tesser, of the global commercial real estate services firm's Princeton, N.J., office, and Reid Wilbraham, based in Los Angeles, headed the transaction. Cushman & Wakefield's Stephen Elman served as landlord broker.
KW International provides logistics management services domestically and internationally. The company maintains operations in Korea, Mexico and key markets nationwide, including an additional New Jersey distribution facility in Little Ferry. Colliers maintains a long-term relationship with the organization.
"The Ridgefield property is earmarked for one of KW International's major customers and signals the company's continued growth regionally," Markey said. "The search, itself, was confined to a relatively small geographic area. Our client needed a modern, Class A building ready for immediate occupancy, and preferred new construction. In the current tight market, it was challenging to meet all of these requirements, but we were able to check off all the boxes at the Sitex Group property."
In fact, the timing of Sitex Group's delivery of 2 Bell Avenue, which the firm developed on spec, enabled KW International to begin moving product in immediately upon execution of the lease, according to Markey. Sitex Group, which specializes in industrial real estate investment and property management, in recent years has been among the most active buyers of industrial space and land in New Jersey.
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