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Michael Halebian & Co. Renews Warehouse Lease in Carlstadt, N.J.

| September 6, 2017 | 0 Comments

Key Properties LLC
153 Fort Lee Road
Teaneck, New Jersey 07666

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Michael Halebian & Co. Renews Warehouse Lease in Carlstadt, N.J.
Flooring Distributor Occupies 34,000 SF at Key Properties’ 700 Gotham Parkway

CARLSTADT, N.J., Sept. 6, 2017 – Third-generation flooring specialties distributor Michael Halebian & Co. has renewed its 34,000-square-foot warehouse lease at 700 Gotham Parkway in Carlstadt. Key Properties LLC owns the 80,000-square-foot Bergen County industrial building.

“Lease renewals reflect tenant satisfaction, which makes them particularly gratifying,” said Marc Schlussel, Key Properties’ co-managing partner. “We have enjoyed a long and successful relationship with Michael Halebian & Co. and are pleased the company has elected to renew its commitment to 700 Gotham Parkway.”

Headquartered nearby on Washington Avenue in Carlstadt, Michael Halebian & Co. has been a tenant at 700 Gotham Parkway for 20 years. “It is a pleasure doing business with the Key Properties’ team,” said Michael Halebian Jr., company president/CEO. “The company principals are professional, efficient and manage a first-class operation. We look forward to continuing our tenancy at 700 Gotham Parkway.”

Key Properties purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997, and renovated/repositioned the building from single- to multi-tenant use. The asset consistently has been a strong performer, maintaining full occupancy since its completion. The project underscores Key Properties’ ability to successfully transform underutilized properties into valuable real estate assets.

“When we acquired 700 Gotham Parkway, the building was in a state of disrepair, yet its excellent location and explosion-proof construction distinguished it as an opportunity with significant potential,” Schlussel said. “This property also offers excess land, which provides tenants with generous on-site parking – a feature not typically found at industrial properties in the Meadowlands submarket.”

Ideal for a range of manufacturing and warehouse uses, 700 Gotham Parkway offers proximity to New York City, near routes 120, 17 and 46; the New Jersey Turnpike; Garden State Parkway; and Teterboro Airport.

Based in Teaneck, N.J., Key Properties is a full-service organization that invests in a diverse range of commercial property types. The firm focuses on value-added potential, and is a leading expert in Brownfields redevelopment and condemnation proceedings. Concentrated in Northern and Central New Jersey, the Key Properties portfolio today includes approximately 500,000 square feet of assets and over 30 acres of developable land.

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