Holliday Fenoglio Fowler L.P. announced Tuesday it has closed on the $7.7 million sale of a value-add industrial building in Carlstadt.
HFF’s Jose Cruz and Kevin O’Hearn, senior managing directors; Steve Simonelli and Michael Oliver, senior directors; Jordan Avanzato and Marc Duval, directors; and J.B. Bruno, associate, marketed the 71,745-square-foot property on behalf of the undisclosed seller. Penwood Real Estate Investment Management LLC was the buyer.
“There was strong demand from the investment community due to the property’s irreplaceable ‘last-mile’ location, clear upside in rents and pricing below replacement costs for similar industrial opportunities in the Meadowlands,” Avanzato said.
The building, which is located at 463 Barell Ave., is situated on 3.5 acres and offers amenities including two loading doors, six drive-in doors, 14- 21.5-foot clear heights, parking and more. It is within close access to the New Jersey Turnpike; routes 3, 17, 46, 1 and 9; and Interstate 80.
“Industrial investments in Northern New Jersey continue to attract both institutional and private capital at aggressive pricing, especially within the infill markets,” Cruz said.