Bussel Realty Corp. arranged the sale of a 138,000-square-foot-industrial-building in Linden for $15 million.
BRC’s Steve Bussel, president, and Gregory Irving, executive vice president, represented the seller, JRT Realty, in the transaction. The buyer, Gold Tree Management, was represented by Jordan Metz, senior vice president of BRC.
Located at 1301 W. Elizabeth Ave., the asset is a multitenanted industrial property in close proximity to the New Jersey Turnpike, Routes 1-9, Interstate 78 and the Goethals Bridge, as well as Port Newark/Elizabeth and Newark Liberty International Airport. The property features 16- to 22-foot ceiling heights, five tailboards, wet sprinklers and 800 to 2,000 amps of electric power.
“It was a pleasure to work with our longtime client, JRT Realty, in the sale of this well-located industrial property,” Bussel said. “With New Jersey’s sub-2% industrial availability rate and rents climbing to never-seen-before double digits in submarkets near the ports, New York City and Newark Liberty airport, industrial properties are trading at record-high prices.”
“This was a true value-add play; our buyer, a long-term client, recognized the opportunity and acted quickly and decisively to acquire it,” Metz noted. “This multitenant industrial facility is superbly located with immediate access to major highways, has ceiling heights up to 24 feet, and is outfitted with loading docks and grade level doors. Our buyer will be making various improvements to the site and will capture huge upside with expiring leases coming due soon, as market rental rates continue to soar. We look forward to quickly leasing up the renovated spaces.”