PYN leased back about 25 percent of the building on a long-term basis, C&W said, leaving 400,000 square feet of industrial space for Turnbridge to rent. This includes 200,000 square feet of 38-foot clear height space.
The property is within close access to Routes 10, 46 and 202.
Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin of C&W’s New Jersey capital markets team represented the seller and procured the buyer in the deal.
John Alascio, Sridhar Vankayala, Mark Ehlinger, Noble Carpenter III and Zachary Kraft of the firm’s Equity Debt & Structure Finance group arranged acquisition financing.
“Turnbridge was drawn by the property’s location and functionality, and jumped on the lease-up opportunity and chance to create a new industrial offering in one of the country’s most sought-after distribution markets,” Gabriel said. “This organization has a long track record of successful investments, and the depth of its expertise and professionalism was clear in the 100 Jefferson Road transaction from start to finish.”
Turnbridge and HGI immediately began a $4.5 million capital improvement project that will create Class A warehouse space. The project will include new parking and loading areas, new office space and building entrances, and more.
“Turnbridge is creating a one-of-a-kind opportunity in the immediate market,” Siemsen commented. “This building represents one of the largest warehouse/distribution availabilities in the Northern New Jersey market, offering accessibility to more than 11 million people within a one-hour drive, making it ideal for last-mile distribution.” With a responsive, established ownership and the promise of modern functionality, it is well positioned for leasing success.”