Transwestern Brokers Deal Amid Influx of Recreational Tenants Leasing Industrial Space
Transwestern today announces New Jersey Squash Club is the latest in a growing number of recreation-focused companies to lease space at a New Jersey industrial/flex property. The squash training facility will occupy 5,000 square feet at 11 Princess Road, one of four buildings that constitute Princeton South at Lawrenceville. Transwestern Managing Director Jeffrey Furey and Senior Associate Alex Motiuk facilitated the deal on behalf of both New Jersey Squash Club and the property’s owner, TMC Properties LLC.
This transaction is one of numerous Transwestern deals completed recently for recreation tenants, which are leasing space at industrial and flex buildings in New Jersey at a growing rate. According to Transwestern research, from 2014 to 2016, twice as many recreational users moved into flex and warehouse space than in the previous three years, with total deal volume increasing threefold.
“As New Jersey’s industrial market continues to evolve, we’re seeing a marked uptick in the number of recreation users attracted to the large, open spaces and high ceilings that a warehouse and flex building can provide,” Furey said. “With space that can be divided into virtually any configuration, Princeton South at Lawrenceville is an ideal location for this type of tenant.”
Founded by world-renowned squash player Lefika Ragontse, New Jersey Squash Club is a membership-based club that will include four squash courts and a state-of-the-art weight room/fitness area. The club, which is set to open in fall 2017, will also offer squash lessons for non-members.
In addition to being a well-recognized squash player, Ragontse, who operates another squash training facility in Baltimore, is a respected teacher of the sport. He has trained many of the top players throughout the United States, including 15 junior national champions. Each year since 2002, he has had two or more players recruited by the top squash universities in the country.
“Mr. Ragontse has built an extremely successful squash training program in Maryland, and New Jersey is fortunate that he chose to open his second facility here,” Motiuk said. “He has a large following in the Baltimore area, and we expect his program will flourish here in a similar way.”
Comprising four single-story buildings ranging from 18,750 to 55,000 square feet, Princeton South at Lawrenceville is situated on 11.3 acres in the sought-after Princeton Area submarket, at the intersection of Interstate 295 and Route 1. The complex features a professionally landscaped, park-like setting, 14- to 20-foot ceiling heights and abundant parking.