Peloton is cranking up its pandemic property expansion as the producer of at-home exercise equipment and classes, signing one of the biggest industrial leases in the United States.
The maker of stationary bikes and treadmills and live and on-demand fitness classes plans to occupy an 840,200-square-foot distribution center in Linden, New Jersey. It’s Peloton’s largest distribution center as well as the 11th-largest industrial lease in the United States and the largest industrial lease in the Garden State so far in the third quarter, according to Adrian Ponsen, director of industrial market analytics for CoStar Group.
“Peloton’s lease is a great example of how consumer behavior in the stay-at-home economy is still helping to drive accelerated industrial leasing more than 18 months after the coronavirus arrived in the U.S.,” Ponsen said.
Peloton, based in New York, has a deal to open a warehouse at 600 Linden Logistics Way at the Linden Logistics Center. That multibuilding industrial park, which is set to have 4.1 million square feet when finished, was developed by Advance Realty Investors of Bedminster, New Jersey, and Greek Development of East Brunswick, New Jersey.
The industrial real estate sector across the nation has performed well, with New Jersey recording record-low vacancies because of the soaring growth of e-commerce, a trend that accelerated during the pandemic.
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