NAI James E. Hanson, a Teterboro-based commercial real estate firm, announced on Wednesday it has negotiated the sale of a industrial building in Carlstadt.
Situated on 3.5 acres, the 76,624-square-foot building is located at 463 Barell Ave.
NAI Hanson’s Scott Perkins, Thomas Vetter, Jeff DeMagistris and Christopher Todd represented the seller, Penwood Real Estate Investment Management, in the deal with the buyer, Cheveux Corp. Elite Realtors of New Jersey and Team Resources represented Cheveux.
The property features 16 to 21-foot ceilings, two loading docks, six drive-ins, 19,369 square feet of office space on two floors and 190 parking spots. It is also within close access to routes 3, 17, 46 and 80, the New Jersey Turnpike, Newark Liberty International Airport and Port Newark Elizabeth.
Penwood acquired 463 Barell in 2019 and originally planned to reposition it into a single-tenant property, but later put it up for sale after realizing the positive trajectory of the Meadowlands industrial market.
Cheveux Corp., an owner-operator, plans to run its hat distribution business out of the building.
“In competitive markets like the Meadowlands, there is no substitute for experience when it comes to selecting a brokerage firm,” Perkins said. “With the challenges presented by COVID-19 and the continued high demand seen in this market, our local experience provides our clients with unparalleled insight and expertise to ensure they can close real estate transactions in line with their goals, no matter the market conditions.”