Doren Development secures towing tenant for IOS in Irvington

As industrial storage space continues to gain significance in the sector, an Irvington IOS property has landed a new tenant.

Doren Development recently leased 372 Nye Ave. in the Essex County municipality to MTS Towing.

The change in occupancy at the 2-acre site follows Verizon’s 20 years there, according to the property owner.

“We’re thrilled to welcome MTS Towing to our Irvington property,” said Managing Partner and President of Operations Rick Doren Jr. “This premier IOS site offers unmatched access to major transportation routes, making it a standout location for logistics, transportation, and storage.

“Partnering with MTS Towing strengthens both of our operations and delivers meaningful economic benefits to the local community.”

The property is approximately 6 miles from Newark Liberty International Airport with proximity to Garden State Parkway and Interstate 78.

The paved lot is fenced and features lighting, according to LoopNet, and additional amenities include on-site property management and air conditioning.

A limited supply of space has created heat in the IOS sector.

“So, the scarcity that we get in this property type is very real and that scarcity creates a high value,” CBRE Vice President Myles Harnden said on a recent episode of “The Weekly Take” podcast. “It creates a lot of demand. It just creates a hot asset class.”

“We have had some slowdowns with the tariffs, if you will, and some uncertainty in the market, which greatly affects this space, past couple of quarters, but recently we’ve started to see an uptick there,” he added later. “There’s lots of reasons why IOS is performing well today.”

Family-owned and operated Doren Development has its headquarters in Passaic.