Cushman & Wakefield has arranged the sale of Fairfield Business Center, a 16.8-acre, seven-building industrial/flex complex totaling 336,220 square feet in Fairfield, for $30 million. Cushman & Wakefield’s NJ investment team members Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler represented the seller, Denholtz Associates, and procured the buyer, Weiss Realty.
Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. It is strategically located immediately off Route 46, in the suburban Essex industrial submarket within minutes of major roadways including I-80, I-280 and Route 23, providing easy access to Northern New Jersey and the greater New York Metropolitan Area. The submarket contains 16.5 million square feet of industrial inventory, with access to a deep and diverse work force, and is close to both executive and workforce housing.
“The e-commerce boom continues to fuel demand for warehousing and flex space,” said Bernhaut, Executive Vice Chairman. “To ensure easy access to the massive consumer market around the New York metro area and the inland distribution markets, logistics and last-mile delivery companies are leasing an increasing amount of industrial and flex space in the Northern New Jersey industrial market.”
“Fairfield Business Center occupies a unique highway location with excellent access to major business centers,” added Merin. “Fairfield Business Center also has a strong history of tenant retention. Demand for industrial and flex space is growing across the nation and in Northern New Jersey’s Route 46 corridor in particular, allowing the purchaser to benefit from continued low vacancies and high rental rates.”
“This sale generated significant investor interest,” said Schmidt. “The property’s appeal was enhanced by the presence of multiple buildings that can be divided for smaller users, and by the highway frontage that has attracted commercial users such as a sports equipment retailer, rock-climbing, Crossfit and medical tenants, etc.
“As owners of the Fairfield Business Center since 1999, we recognized that today’s strong demand for industrial space in the Suburban Essex submarket and high occupancy at the portfolio made this an ideal time to sell this asset to deliver substantial returns back to our investors,” added Stephen Cassidy, President of Denholtz Associates. “We thank the Cushman & Wakefield capital markets for their hard work in marketing the property and securing a buyer.”
Cushman & Wakefield’s East Rutherford investment sales group specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The team has completed $27 billion worth of transactions since 2000, closing over $2.5 billion in sales in 2017.
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