Wayne industrial building sold to Teterboro-based Forsgate Industrial Partners

A 156,627-square-foot industrial building in Wayne has been sold, according to real estate firm NAI James E. Hanson.

Forsgate Industrial Partners bought the building at 30 Corporate Drive from Robert Michael Associates LLC, the real estate firm said in a news release. NAI Hanson’s Michael Walters and Cameron Silverstein represented the seller in the transaction.

“While the northern New Jersey industrial sales market continues to see tremendous demand, coupled with a limited supply, challenges still exist with any transaction,” Walters said in a prepared statement. “For sellers, leveraging the local market knowledge, relationships, and transactional management experience of professional commercial real estate brokers like those on our team at NAI Hanson can make all the difference in realizing the full market potential of unique assets like 30 Corporate Drive.”

Building ownership had tasked Walters and Silverstein with selling the property by year-end 2020, with the added complication that ownership was based in Florida and unable to travel to New Jersey due to the COVID-19 pandemic.

Despite the challenges, the pair identified Teterboro-based Forsgate as the buyer and closed the deal by Dec. 30.