Tribeca Oven Renews Full-Building Industrial Leases in Carlstadt, N.J.
-- Adjacent Gotham Parkway Properties House Bakery, Distribution Operations --
CARLSTADT, N.J., Nov. 3, 2017 – Tribeca Oven, Inc. has renewed its leases at two adjacent properties in the Meadowlands, announced Colliers International NJ LLC Inc. (NASDAQ:CIGI, TSX:CIG). The facilities at 425 and 447 Gotham Parkway in Carlstadt house the wholesale artisan bread manufacturer’s distribution and bakery operations, respectively.
Founded as a fresh bakery in New York City in 1988, Tribeca Oven transitioned to a frozen par-baked, wholesale-focused model when it moved to Carlstadt in 2004. Colliers’ John Donnelly, based in Parsippany, N.J., co-brokered the long-term, full-building, renewals for Tribeca Oven with JLL’s Jeff Miller, who represents Tribeca Oven’s parent company, C.H. Guenther & Son Inc., on a national basis.
Institutional investors advised by J.P. Morgan Asset Management own the 115,000-square-foot 425 Gotham Parkway, while Prologis 2, LP owns the 53,000-square-foot 447 Gotham Parkway. Paul Rosen, vice president - leasing officer, and Jason Tenenbaum, senior leasing manager, for Prologis were an integral part of the seamless lease renewal process at 447 Gotham. Brian Golden from JLL served as landlord representative for both properties.
“Tribeca Oven maintains a modern bakery operation with sophisticated infrastructure at its Carlstadt operation,” Donnelly noted. “The level of investment in this manufacturing space, and the efficiency of having a seamless distribution operation right next door, connected by a tunnel, made renewing in place the logical choice.”
Donnelly added that while the involvement of two distinct property ownerships added complexity to the negotiating process, all parties involved were committed to a successful outcome and collaborated extremely well together,” he said.
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