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Avison Young arranges full-building lease for Velocity MedTech in Totowa, NJ

Avison Young arranges full-building lease for Velocity MedTech in Totowa, NJ 30 janvier 2024

The lease renewal and extension keeps the tenant in-place

Iselin, NJ – Avison Young has arranged a lease renewal and extension for Velocity MedTech (VMT) at 11 Jackson Road, a standalone property in Totowa, NJ. The 84,755-square-foot (sf) lease extension will keep Velocity MedTech in place as they continue operations without interruption.

VMT was represented by Paul Errigo, Ed English, and Ron Ganter, all based in Avison Young’s Iselin, NJ office. The landlord, Crosstate Enterprises, LLC was represented in-house.

“Despite the greater Fairfield industrial submarket seeing rent increases of 14% year over year, we were able to secure favorable renewal terms that satisfied both tenant and landlord,” said Errigo. “This deal highlights the importance of understanding local market conditions in order to secure long-term success for our clients, as well as continued confidence in the area’s industrial market.”

The property sits at a strategic location off the Route 80 corridor in Totowa, allowing for ease of access for labor and logistics and creating operational efficiency.

“Avison Young’s savvy negotiations and strategic foresight helped us lock in the best possible terms. Their knowledge of the market positioned us for success from the jump,” said Bob Baker, CEO, VMT.

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Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697