Cushman & Wakefield announced Friday it has arranged the sale of 698 Route 46, a 616,992-square-foot industrial property located in the heart of the Meadowlands.
The property, which is located in Teterboro, was purchased by Goodman for an undisclosed price.
The building is situated on 27 acres, is fully climate controlled and is 10 minutes from Manhattan.
“This was an outstanding match for an institutional investor seeking a core industrial investment,” said Gary Gabriel, Cushman & Wakefield’s vice chairman. “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.”
Gabriel led the investment sales team along with Adam Spies, Andrew Merin, David Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin, and was assisted by Jason Goldman from the leasing team.
“There is a scarcity of comparable buildings in the Meadowlands area, a market primarily comprised of small, 50-plus year-old industrial buildings,” Schmidt said. “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 percent of the Meadowlands’ 881-building inventory.”
