Avidan Management, one of the region's foremost owners and managers of industrial and commercial real estate, today announced several lease transactions at 145 Talmadge Road in Edison, N.J., a 656,255 square-foot warehouse and office complex that is also the location of one the country's largest roof-mounted solar panel installations.
The multi-purpose building, strategically located near to I-287, is home to multiple tenants that utilize the facility as office space and for the storage of dry, refrigerated and frozen food products. Earlier this year, Avidan completed the installation of a 4.26 megawatt solar electric system atop the building that will produce more than five million kilowatt hours annually, enough to service about half of the power needs of the building's tenants. It is expected to reduce carbon emissions by 3,750 tons annually.
The following transactions were recently signed at the property:
• Cross Docks Solutions LLC, which specializes in the warehousing and distribution of refrigerated and frozen foods, signed a lease for 32,654 square feet of refrigerated space.
• Janice Staib and Associates, LLC signed a lease renewal for 1,785 square feet of space to maintain its offices at the site.
• C. Mgmt. signed a 1,255-square-foot lease renewal. To assist the tenant, Avidan Management added electric capacity required by the tenant and also supplied dedicated reserve parking.
"The addition of solar power at 145 Talmadge reflects our commitment to the environment and to our tenants' needs," stated Avi Avidan, Managing Member of Avidan Management. "This top-quality facility will help its tenants realize tremendous savings that they can put directly back into their businesses."
As a result of the building's solar panel installation, tenants receive a portion of their electricity under a Power Purchase Agreement arrangement. Avidan Management purchases the solar-generated electric output from Avidan Energy Solutions and in turn sell the power to its tenants at a substantially reduced cost than they would be able to purchase at market rates. In addition to the solar panel installation, Avidan Management has also undertaken a comprehensive retrofit of the building's lighting to upgrade the system to energy-efficient standards, and has improved the building's insulation in order to maximize the facility's overall energy efficiency.