Cushman & Wakefield has arranged the sale of 698 Route 46 in Teterboro, a 616,992-square-foot industrial building located in the heart of the Meadowlands. Purchased by Goodman, the property is fully net-leased to an investment grade tenant.
The property is situated on 27 acres, is fully climate controlled, has clear heights up to 32’, 40’ x 60’ and 50’ x 60’ column spacing, and is cross-docked. In addition to its quality and scale, 698 Route 46 is located 10 minutes from Manhattan.
“This was an outstanding match for an institutional investor seeking a core industrial investment,” noted Cushman & Wakefield Vice Chairman Gary Gabriel, who led the investment sales team assignment with Adam Spies, Andrew Merin, David Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin, and assisted by Jason Goldman from Cushman & Wakefield’s leasing team. “698 Route 46 offers a bullet-proof location for final-mile solutions, and fundamentals have surged in the Meadowlands as tenants seek proximity to the nation’s largest MSA.”
“There is a scarcity of comparable buildings in the Meadowlands area, a market primarily comprised of small, 50-plus year-old industrial buildings,” added Schmidt. “Class A buildings represent only a small percentage of the Meadowlands’ 84 million square feet of standing inventory; and 698 Route 46 is one of only two buildings greater than 400,000 square feet within that subset. Further, the facility’s clear height ranks it in the top 1% of the Meadowlands’ 881-building inventory.”
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