Advance Realty, a leading Northeast U.S. owner and developer of Class A office properties and mixed-use developments, today announced that it has completed two deals with UPS, who agreed to purchase the 222,200-square-foot 16E Chimney Rock Road building and signed a lease extension for 33,600 square feet at 11E Chimney Rock Road, both within the MiddleBrook Crossroads industrial park in Bridgewater, N.J.
As the world’s largest package delivery company and a leading global provider of specialized transportation and logistics services, UPS will continue using 16E Chimney Rock Road as one of its strategic local distribution centers, and 11E Chimney Rock Road, which they are fully leasing, for distribution support and sales offices.
Consisting of 20, single-story industrial buildings totaling approximately 800,000 square feet, MiddleBrook Crossroads is bounded by Route 22, I-287 and Route 28, with excellent access to I-78, Newark Liberty International Airport and Port Newark. The industrial park is also close to restaurants, banks and shopping.
“This purchase and lease renewal are great examples of the appeal of MiddleBrook Crossroads and Advance Realty as a property manager during a time when deals are few and far between,” said Brian Banaszynski, vice president of leasing for Advance Realty Group. “MiddleBrook Crossroads has been an ideal regional home for UPS for years, and these deals extend their commitment to the industrial park and the region. The purchase and lease extension are also part of an ongoing trend of companies securing space in well-positioned assets that are close to major transportation corridors.”
About Advance Realty
Headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, contact Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.