Friday, July 19, 2024

Moda Foods Lease Fills Fairfield Building to Capacity: Strategic Repositioning and Worldwide Food Distribution

Share

Food distributor’s lease brings Fairfield building to full occupancy

Moda Foods has signed a new lease for space at 123 Lehigh Drive in Fairfield, marking a significant move that brings the building, owned by The STRO Cos., to full occupancy.

Announced on February 22 by Cushman & Wakefield, the deal encompasses a 22,523-square-foot space within the recently refurbished industrial facility. Spread over 40,000 square feet, this building enjoys a strategic location in North Jersey, benefiting from close proximity to Route 46 and Interstate 80.

STRO Cos.’ Senior Director of Leasing and Acquisitions, Elliot Ferris, shared insights into the strategic moves post-acquisition in 2022, aiming at the repositioning of the site. “Lehigh was an easy decision for us to move forward on,” stated Jack Shulman, STRO Cos. Senior Director of Acquisitions and Capital Markets. He emphasized the property’s added value given its location adjacent to another building owned by STRO at 140 Clinton Road and its proximity to additional properties, hinting at the potential they see in the market.

The property boasts attractive features such as 24-foot clear ceiling heights, dual dock doors, newly updated parking facilities featuring repaving and restriping, along with an overhaul to LED lighting throughout the building. According to Ferris, the successful leasing to two robust, long-standing tenants was achieved with indispensable guidance and persistence from Cushman & Wakefield over the preceding year.

Based in Woodland Park, Moda Foods is a distributor specializing in a variety of frozen, refrigerated, and dry food products. Their inventory ranges from desserts like Macaroons and Turkish Baklavas to Turkish Delights, delivering a global reach with their services extending to restaurants and markets across 25 states.

Representing STRO Cos. in this transaction was a dedicated Cushman & Wakefield team including Vice Chair Bill Waxman, Senior Associate Morgan Nitti, along with Director Jeff Volpi, Mindy Lissner, and David Gheriani. Moda Foods was represented by Resource Realty’s Senior Vice President, Brian Wilson.

“Located in the heart of the northeast distribution corridor, 123 Lehigh Drive stands out as an ideal location for industrial users. Its exceptional accessibility to both the New Jersey and New York markets makes it a prime spot,” explained Waxman. He expressed excitement over welcoming Moda Foods and achieving full occupancy for the property.

The latest industrial report from Cushman & Wakefield highlighted a close to the year with robust momentum, marking the most significant new leasing activity since the first quarter of 2022 for the area. Notably, Essex county concluded the fourth quarter of 2023 with a vacancy rate of 5.4%, closely aligning with the regional average of 5.6%. The report foresees the promise of continued leasing improvements into 2024, hinting at a vibrant market ahead for industrial spaces in the region.

This significant lease underscores not only the dynamism of the North Jersey industrial market but also the strategic importance of properties like 123 Lehigh Drive. With its convenient location and recent renovations, it represents the convergence of opportunity and foresight, now fully realized with its occupancy reaching 100%.

Natalie Kimura
Natalie Kimurahttps://www.businessorbital.com/
Natalie Kimura is a business correspondent known for her in-depth interviews and feature articles. With a background in International Business and a passion for global economic affairs, Natalie has traveled extensively, providing her with a unique perspective on international trade and global market dynamics. She started her career in Tokyo, contributing to various financial journals, and later moved to London to expand her expertise in European markets. Natalie's expertise lies in international trade agreements, foreign investment patterns, and economic policy analysis.

Read more

Latest News