NAI Hanson’s Scott Perkins, Greg James and Chris Todd represented the buyer in the deal, the U.S. industrial real estate operating platform of Blackstone. Cushman & Wakefield‘s Bonnie Heller represented the seller, Roman Real Estate Holdings Inc.
The property, located 7300 West Side Ave., is within close access to the George Washington Bridge, the Holland Tunnel, interstates 78, 80 and 95, and routes 3, 4, and 46. The building features 22-foot ceilings, 19 tailgates and ample parking spots.
“We continue to see a surge in industrial acquisition activity in the New York City area as available industrial space has been all but spoken for over the past several quarters,” Todd said.
“As a result, deals of this size have become increasingly rare and expensive in this type of market. For sellers, although this can be highly advantageous, it can also be overwhelming and quite complex. We were able to leverage our deep expertise in this market and our full suite of commercial real estate services to negotiate a deal on behalf of our client that ensured they received fair market value for this rare asset,” he said.