CBRE announced Thursday it has arranged an $8 million sale of a development site in Lyndhurst.
Gramercy Property Trust Blackstone Group purchased the asset at 1290 Wall St., CBRE said.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team and CBRE National Partners as well as Thomas Monahan, vice chairman, negotiated the deal on behalf of the seller, Rugby Realty Co.
“This transaction is a reflection of the continued interest investors have expressed in northern New Jersey and, more specifically, the thriving Meadowlands submarket,” Fiumara, executive vice president, said. “We anticipate even more activity in this region over the course of 2019.”
The 5.67-acre parcel of land can accommodate an 85,400-square-foot Class A warehouse and distribution space.
“When we first acquired the property, we analyzed the market and anticipated strong growth potential in Lyndhurst,” Maurice Ades, principal and managing partner of Rugby Realty, said. “Our evaluation proved to be absolutely correct. Working closely with CBRE, we were able to market this ideally located site and close on the sale with new ownership that also sees the same potential.”