The 187,013-square-foot Paper Mart warehouse and distribution center in East Hanover was purchased by New York-based real estate investment trust Urban Edge Properties, Avison Young announced Monday.
The purchase was part of Urban Edge Properties’ strategy to acquire value-driven properties with the potential for lease-up, expansion and redevelopment, Avison Young Senior Vice President Matthew Turse said.
The property is located at 151 Ridgedale Ave.
“This is a unique disposition where the seller is selling the property back to the entity from whom it was originally purchased in 1978,” he said. “Acquiring back 151 Ridgedale Ave. presented Urban Edge Properties with the opportunity to own all of the commercial assets on the block and further their investment strategy of purchasing assets in high-barrier-to-entry markets.”
The property, on a 9.17-acre site, has served as Paper Mart’s headquarters as well as its warehouse and distribution facility for its paper and office supply products since they acquired it from Vornado, now Urban Edge Properties, in 1978.
Its location allows for quick highway access, with Newark Liberty International Airport, Port Newark/Elizabeth, the Lincoln Tunnel, Port Jersey and the George Washington Bridge all under 30 miles away.
Turse and Avison Young VP Timothy Cadigan, along with associate Grant Otto, represented Paper Mart. Tom Consiglio and Scott Peck of Resource Realty represented Urban Edge Properties.
