Global commercial real estate advisory firm Newmark is pleased to announce it has arranged a new long-term lease for Vitaquest International LLC (Vitaquest), a nutritional and functional foods manufacturer, at 100 Jefferson Road in Parsippany, NJ. Newmark Managing Director James Ritman of the Stamford office and Associate Director Trevor Patterson of the Rutherford office represented Vitaquest in this transaction.
Vitaquest will occupy the Pomeroy Suite within 100 Jefferson Road and have more than 200,000-square-foot of industrial space in total for a new manufacturing and distribution facility as it continues to expand its nutraceutical and functional food product development and manufacturing operations in NJ. Vitaquest already has operations in West Caldwell and Fairfield.
“Northern New Jersey continues to be a strong market for industrial space with extremely low vacancy rates, making it challenging for tenants in the market looking to expand their operations,” said Patterson. “Through a collaborative effort between our teams in New Jersey and Connecticut we were able to develop a clear understanding of what Vitaquest needed and find them a perfect space in 100 Jefferson to expand their operations in a strong and growing market,” added Ritman.
“As Vitaquest has continued to build its business at an exceptional pace, it has become necessary to further expand our operational capabilities in order to best serve our growing customer base. Our new facility at 100 Jefferson will allow us to continue to flourish within the nutraceutical industry while providing the best possible service to our customers,” said Scott Yagoda, general counsel and executive vice president at Vitaquest. “Partnering with the Newmark tri-state team played an integral part in allowing us to find the perfect facility to meet our needs.”
The Northern New Jersey industrial market has recorded 16 consecutive quarters of positive net absorption. It has seen persistent demand for industrial space, with leasing activity over the past year amounting to 20 million SF. Vacancy rates averaged 4.5% at the end of first quarter 2019, making it increasingly challenging for tenants in the market to find space.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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