Jordan Metz, vice president of Bussel Realty Corp. (BRC), an industrial real estate services firm in New Jersey, recently arranged the sale of two industrial properties in Linden: 1501 West Blancke Street and 2365 East Linden Avenue. Combined, these properties total nearly 150,000 square feet and the total aggregate sales price was almost $15 million between the two properties.
Penwood Real Estate Investment Management acquired 1501 West Blancke Street, a ±125,000-square-foot property, from Tulfra Real Estate. 2365 Linden Corp LLC, an investor from Queens, New York, purchased 2365 East Linden Avenue, a ±23,000-square-foot property, from Edward Cantor. In both deals, Metz procured the buyers and represented both the buyers and sellers in these transactions.
“It was a pleasure working with Sonny Jumani, president and partner of Tulfra, and Howard Freeman, managing director at Penwood, whose professional cooperation and responsiveness make the completion of this transaction quick and seamless,” noted Metz. “Having handled the leasing and marketing of 1501 West Blancke Street for almost a decade, I established a long term relationship with Tulfra and was able to procure a buyer for Tulfra’s quality asset – its only in the Linden market – when they decided to sell.”
Metz will continue on as exclusive leasing agent for Penwood and is marketing 55,000 square feet of food grade space at the property, becoming available this summer when the current tenant, Hello Fresh, vacates. The unit offers ideal freezer space with high ceilings, loading and food-grade equipment.
Metz will also be marketing and leasing 2365 East Linden Avenue after renovations have been completed. The property offers 23,000 square feet of industrial space on 2.1 acres.
“Led by a very pro-business administration, with its close proximity to the ports and New York City, business friendly environment and established industrial bases, Linden is one of the most sought after locations for manufacturers and distributors,” said Metz.Related Articles: