With shipping containers of sporting goods and apparel set to arrive in the U.S. from overseas on August 1, 2020, LineMart NJ, Inc., an e-commerce fulfillment vendor for Amazon, had a very immediate need for space. LineMart had previously worked with Resource Realty in 2019 to expand into their second area location and they were counting on Scott Peck to find their third one in a hurry. Not only did they need to occupy a building by August 1, but they wanted it to be in close proximity to their other two facilities in order to optimize their workforce across the three locations.
Meanwhile, Longpoint Realty had purchased a 67,430 square-foot warehouse and distribution facility at 60 East Halsey Road in Parsippany in 2019 as a short-term sale/leaseback. Resource Realty’s Tom Consiglio, SIOR, and Bill Pastuszak were hired to market the facility. “Halsey Logistics lease up strategy was realized due to the expertise and commitment of Resource Realty and Longpoint’s focus. The capital improvement program will bring the property to a market condition most suitable for an e-commerce occupier like LineMart”, Dan Frank, Managing Director of Longpoint Realty Partners said. As it turned out, the Halsey Road building was ideally suited for LineMart’s needs. Additionally, the timing couldn’t have been more perfect for all parties, as the existing tenant’s lease expiration date was just prior to the arrival of LineMart’s containers.
“With the explosion of e-commerce, we make it a point to be keenly aware of facilities in the market that already are or could be made suitable for this use. However, it is a bit unusual to have all the pieces fall into place as easily as they did with this deal,” confesses Consiglio.” Peck adds, “With supply chains constrained, the Landlord’s ability to move quickly and accommodate the Tenant sealed the deal!”