June 12, 2019
By Joshua Burd
An online luxury consignment shop has officially added to its footprint in New Jersey, marking the opening of its nearly 500,000-square-foot distribution center in Perth Amboy.
The company, The RealReal, joined public officials on Thursday to unveil its 492,534-square-foot e-commerce facility at 950 Convery Blvd. The eight-year-old, San Francisco-based business occupies the space under a lease with Prologis and says it’s now focused on filling more than 300 open jobs in the coming months as part of what will eventually be more than 1,000 positions at the property.
“We’re thrilled to further establish roots in New Jersey and have the support of Mayor (Wilda) Diaz,” said Rati Levesque, chief operating officer of The RealReal. “In addition to the valuable community of talent here, New Jersey is perfectly situated to keep pace with demand we have seen especially on the East Coast.”
The company, which also has e-commerce centers in Secaucus and Brisbane, California, said the Perth Amboy location will house positions such as gemologists, authenticators, merchandisers, and fulfillment and operations staff. It is doing so with the help of a 10-year, $38.9 million state tax credit package that was approved last September by the state Economic Development Authority.
“We’re excited to create another 700 (plus) jobs in New Jersey over the next two years,” said Zaina Orbai, the company’s chief people officer. “The incredibly skilled talent pool here will be integral to our operational expansion in Perth Amboy.”
Stakeholders announced the deal last year, noting that The RealReal needed space in a central location to meet very specific and rapidly growing distribution requirements. Its new home has 36-foot clear ceiling heights, 86-dock doors and parking for 342 vehicles and 127 trailers, all in an accessible location with access to labor.
The CBRE team of Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides and Gerard Monahan represented Prologis, while Shannon D. Aja of Newmark Knight Frank and Frank Recine of JLL represented The RealReal. Murphy Partners LLP represented the company in its application to the EDA, which estimated the project would have a net benefit to the state of $12.4 million over 20 years.
The deal also marked the latest high-profile industrial lease in Perth Amboy, which has also recently attracted Target to a 718,000-square-foot warehouse built by Bridge Development Partners.
“Trends show a demand for urban markets like Perth Amboy where there is easy accessibility, an available workforce, cultural anchors and available opportunities for growth,” Diaz said. “TheRealReal is joining other renowned corporations that are making Perth Amboy their home and we are excited to welcome them to our expanding business community.”