Reflecting the New Jersey industrial market’s ongoing strong investment appeal, Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the competitively bid trades of three regional offerings on behalf of the seller. The transactions involve five buildings and 343,000 square feet in Newark, Linden and Edison.
Seagis Property Group purchased two Port Newark buildings. The properties – at 158 Paris Street in Newark and 1026 West Elizabeth Ave. in Linden – total 101,000 square feet and are 98 percent occupied.
“These properties are ideally situated at the heart of New Jersey’s Greater Port Region, benefiting from proximity to the largest East Coast port, Newark-Liberty International Airport, and the New York Metropolitan Area’s 23.4 million consumers,” said Cushman & Wakefield’s Gary Gabriel, who orchestrated the recent activity with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer. “Seagis will be able to leverage significant upside through renewing leases and increasing below market rents.”
In Edison, discount variety store chain DII Enterprises purchased a two-building complex at 183 and 185 National Road. The owner/occupier will ultimately use the 120,000-square-foot site as a regional distribution center, once tenant leases expire. DII Stores are located throughout the New York and New Jersey metropolitan area.
Finally, the Opper Group purchased 191 Talmadge Road in Edison. Totaling 122,000 square feet, the building sits on nearly 16 acres. It is fully leased to four tenants: Ashley Furniture, Zapp Fitness, Nixon Uniform Services Inc. and Fleet Pride Inc.
“The Edison properties are within minutes of I-287, providing efficient access to the New Jersey Turnpike/I-95,” Schmidt said. “This region, which has limited space availability and high barriers to entry, offers a deep labor pool, and desirable proximity to the same infrastructure and consumer population that benefit the Port Newark properties.”
Schmidt noted that the three transactions closed on parallel timelines and all drew strong interest. “Tour and bidding activity was robust,” he said. “The DII purchase, in particular, is interesting in that it shows a space user stepping up to compete with institutional and private capital to acquire leased real estate for future use.”Related Articles: