EAST BRUNSWICK, New Jersey – (Realty News Report) – Newmark Knight Frank has announced the 341,984-SF industrial center lease by Rugs USA in Corporate Park Cranbury, owned by the Sudler Cos.
NKF’s Houston-based Executive Managing Director Derek Myers and New Jersey experts, Director Kyle Eaton and Senior Managing Director Peter Rossi represented Rugs USA in the transaction.
Rugs USA had outgrown its space at 8 Santa Fe Way in Cranbury and required a larger space in a strategic location right away. The company enlisted NKF corporate advisory experts to advise and assist them in its relocation and expansion efforts. With only two options available in the approximate 350,000 square foot range in New Jersey’s Exit 8A submarket, a fast turn-around was essential.
“We were tasked to identify a relocation option that allowed Rugs USA to take possession expediently in a market with very restricted inventory. Knowing the importance of this transaction to Rugs USA, our team discussed terms with the Sudler and Rugs USA on Tuesday and assembled the necessary legal and operational resources required to review and negotiate the agreement over the weekend. By the following Tuesday (four business days later), we finalized terms and executed a signed lease with the client and Sudler. The deal is a great model of three highly focused teams mobilizing (Sudler, Rugs USA and NKF) and working efficiently together under a short timeframe without compromising key elements of the deal for each party,” concluded Myers.
Sudler Corporate Park Cranbury is a 225-acre distribution complex consisting of 2.1 million square feet of Class A distribution properties.