Avenel industrial property fetches $6M-plus

An Avenel industrial building has sold for $6.325 million, according to industrial real estate services firm Bussel Realty Corp.

The deal for the 55,000-square-foot property at 10 Production Way was arranged by Bussel’s Jordan Metz, senior vice president, according to a news release. Cantor Cos. sold the property to an undisclosed investor, the firm added.

“There continues to be an insatiable demand from both users and investors for an almost-nonexistent supply of well-located, functional industrial properties in and around the port-proximate markets, creating fierce competition to purchase,” Metz said in a prepared statement. “Similar to other assets that have traded, 10 Production Way had several full-priced offers, and my client/investor was able to secure the deal by providing aggressive terms with no financing contingency.”

The property, located off Route 1-9, near Exit 12 of the New Jersey Turnpike, includes 6,480 square feet of office space, 11 loading docks and a drive-in door.