Morgan Development.Morgan Development has purchased a 71,000 square-foot industrial property at 3301 Tremley Point Road in Linden, New Jersey Linden is a city in southeastern Union County, New Jersey, United States. It is part of the New York Metropolitan Area, being about 13 miles southwest of Manhattan, and bordering Staten Island, a borough of New York City. , from Cytec Industries Cytec Industries is a specialty chemicals and materials technology company with pro-forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Cytec is a result of its spin-off from American Cyanamid Company. , announced Cushman & Wakefield, Inc. Even before the sale was completed, Morgan Development had subleased the entire building to eight tenants. They include Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , Day El Transportation, Infan-ToTeen, Lau Inc., Naito Design Inc., Nexus International and Peterri Trucking Inc. "The building's proximity to Exit 13 of the New Jersey Thrnpike made it a prime investment opportunity for Morgan Development, and the purchase-lease arrangement proved to be an ideal move for both parties," noted Frank Caccavo of Cushman & Wakefield of New Jersey, Inc. in East Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , who represented Cytec Industries, with Daniel Mambrino of Cushman & Wakefield of Connecticut, Inc. in Stamford. Herbert Horn of Cushman & Wakefield of New Jersey in Parsippany served as broker for Morgan Development. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Caccavo, fast leasing turnaround is indicative of the current high demand for quality industrial space in Union County, northern and central New Jersey's tightest industrial market. The region registered a low, 5.3 percent estimated vacancy rate at the end of 1999. |
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