Holliday Fenoglio Fowler L.P. announced Thursday the $8.205 million sale of an industrial development site in Newark next to the Newark Liberty International Airport.
(HFF) announces the $8.205 million sale of a 4.5-acre land parcel for an industrial development at 120 Frontage Road and adjacent to Newark Liberty International Airport in Newark, New Jersey.
The property, located at 120 Frontage Road, was marketed by HFF on behalf of the seller. HFF also secured the buyer, who purchased the asset without any debt. The buyer plans to build an 80,000-square-foot industrial building on the site.
Jose Cruz, senior managing director at HFF and Marc Duval and Jordan Avanzato, both directors, represented the seller.
The site is within close access to Interstaet 78 and is minutes from the New Jersey Turnpike Exit 14C and the Garden State Parkway Exit 14. It is also close to Port Newark-Elizabeth.
“The industrial market remains strong with limited development sites available,” Duval said. “We have seen institutional capital lower their price points to find development opportunities in core, northern New Jersey locations. The buyer will have great tenant demand being so close to the Newark Airport and the port.”