A 192,500-square-foot industrial building in Perth Amboy has been sold, according to real estate firm Cushman & Wakefield, which also announced the procurement of acquisition financing.
Englert Inc. sold the building at 1200 Amboy Ave. to Longpoint Realty Partners, C&W said in a news release. Englert, a maker and supplier of metal roofing products that has called the building home since the 1980s, is signing a 20-year leaseback for its headquarters and main manufacturing facility.
C&W said its team of Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin represented the seller, while its team of John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Zachary Kraft secured $14.7 million in acquisition financing for the buyer through Bank United.
“This property is located in the Port industrial submarket, among New Jersey’s most sought-after, offering a deep labor pool and immediate access to the ports and Newark Airport,” Gabriel said in a prepared statement. “With easy access to the New Jersey Turnpike, the Garden State Parkway, routes 1, 9 and 440, and Staten Island, the buyer will benefit from durable cash flow and the opportunity to redevelop in the future.”
Full financial terms of the deal were not disclosed.
“We congratulate both Longpoint Realty Partners and Bank United on a seamless execution during these unprecedented times in the capital markets,” Alascio said in a statement. “Bank United was able to put forth an exceptional financing package, which demonstrated its knowledge of the opportunity and understanding of the buyer’s business plan.”
