Cushman & Wakefield has announced the trade of two Greater Port Region industrial properties totaling 200,000 square feet. Link Industrial Properties has purchased the buildings at 2401 E. Linden Ave. and 1501-1525 W. Blancke St. in Linden from Penwood Real Estate Investment Management.
Members of Cushman & Wakefield’s New Jersey capital markets team – including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin – spearheaded the property marketing and sale. Jordan Metz from Bussell Realty was also a member of the disposition team.
Totaling 84,220 and 115,913 square feet, respectively, 2401 E. Linden Ave. and 1501-1525 W. Blancke St. are fully leased to five tenants. “New Jersey’s Greater Port Region has long served as a magnet for tenants and investors alike,” Schmidt noted. “This location provides momentary access to the Port of New York and New Jersey, Newark Liberty International Airport and New York City. There are 1.4 million people within seven miles and the region is supported by highly sought-after labor demographics.” Both properties are within one mile of Routes 1 and 9, just minutes from the NJ Turnpike and interstates 287, 278 and 78.
“Some of the tenants have leases expiring in the near-term at below market rates and will provide more upside to the new ownership once stabilized at today’s numbers,” Metz said. “These buildings have always commanded top market rents and quality tenants.”
Cushman & Wakefield research shows the submarket’s overall vacancy rate at 2.6%, near a historic low. Asking rents continue to climb, with warehouse rates rising 26.1% since year-end 2017.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
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