Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the sale of 207,193 square feet of industrial space on 16.3 acres at 251 Union St. on behalf of Pantheon Properties LLC of New York for $12.1 million.
“The Northern Bergen County industrial market is very desirable but also land-constrained. It is one of the strongest industrial markets in the country,” Cushman & Wakefield Director Andrew Schwartz said. Cushman & Wakefield, a global real estate services firm, served as exclusive agent for the owner. Schwartz led the team of Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin, all from the East Rutherford-based Metropolitan Area Capital Markets Group, as well as Andrew Siemsen from the Iselin office.
Pantheon Properties, which owns and develops a portfolio of properties in New York and New Jersey, sold the fully occupied 251 Union St. to a private investment group led by Duvi and Tuli Blumenberg. The building was fully renovated by Pantheon.
“The current tenant distributes nationally from the site, which is ideally situated at the New Jersey-New York border in one of the wealthiest counties in the nation with access to the New York City Metropolitan Area’s 23.4 million consumers,” Schwartz said. The northern New Jersey industrial market continues to enjoy a years-long decline in overall vacancy, making it one of the tightest industrial markets in the country.
“This was the third deal we have done with this Cushman & Wakefield team, and they are very professional, detail-oriented and great communicators,” Pantheon Founder and CEO Ken Cohen said. “The buyer was equally professional, and we are pleased with the results.”
Based in East Rutherford, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $26 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.