Cushman & Wakefield has orchestrated the year-end sale of 340 Stiles Street in Linden, which traded from 500 West Edgar LLC to Seagis Property Group. Chuck Fern, based in the commercial real estate services firm’s Iselin, N.J., office represented the seller and procured the buyer for the 504,000-square-foot industrial asset; Seagis subsequently appointed his team as leasing agent for the port-market property.
The new ownership has commenced a multi-million-dollar renovation at 340 Stiles Street, scheduled for completion in Spring 2017. Planned improvements include roofing, new entrances, new building facades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T5 lighting. Seagis will regrade and pave nearly 13 acres of parking, creating abundant new trailer and automobile parking spaces, and upgrade the landscaping and fencing throughout the site. The Property has CSX rail service, which can be reactivated for a specific user.
“At completion, 340 Stiles Street will be elevated to a truly Class A facility,” noted Fern, who is heading the leasing agency with Cushman & Wakefield’s Jason Barton and Gary Casaletto. “Given the property’s outstanding location, we anticipate strong interest and a fast lease-up by users seeking quality accommodations close to Port Newark-Elizabeth and major regional thoroughfares.” The Property is divisible to 30,000 square feet, but can also be made available in its entirety for a customer looking to establish a unique campus environment with ready access to the Ports and population centers of Northern New Jersey and Manhattan.
The property, which is located directly on Route 1/9, offers potential rail access. It is just a 10-minute ride from the port and the Goethals Bridge, and a 20-minute ride from the Verrazano-Narrows Bridge. “Linden is a fantastic location – its accessibility and low taxes have always made it desirable for industrial space users,” Fern noted. “The market is also extremely low on supply, which positions this property as one of the region’s most attractive large-block opportunities.”
Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million square feet with an aggregate value in excess of $6.2 billion.Related Articles: