NAI Hanson’s Andrew Somple, Justin Allessio and John Schilp represented both the seller, Dowling Fuel Co., and the buyer in the transaction.
Located along the Hackensack River less than one mile from the intersection of Interstate 80 and the New Jersey Turnpike, the property sits on 3.5 acres. Previously serving as an unused industrial fuel storage site, its owner tapped NAI James E. Hanson to create a marketing strategy that would identify a buyer who could find a second life for the site.
Westphal Affiliated Waste Services is one of northern New Jersey’s most successful dumpster container rentals and garbage service providers. With a growing fleet of vehicles, it was looking to expand its parking capabilities and recognized that 100 Industrial Ave. would make an ideal parking lot for the company.
“Northern New Jersey’s ongoing industrial boom has fueled a robust marketplace for land,” Somple said. “While not all sites are suitable for conversion to mega warehousing and distribution facilities, the growing need for industrial parking provides smaller properties like 100 Industrial Ave. with tremendous potential due to the exterior storage capabilities. In a competitive market like this, our understanding of the market and local contacts provides us with the insight we need to help sellers identify the true value in their land and buyers navigate what continues to be a very challenging market.”