NAI James E. Hanson negotiated the sale of a 4.6-acre redevelopment site at 10 Polito Ave. in Lyndhurst.
Team Perkins & Todd, comprised of Scott Perkins, Chris Todd and William Ericksen, represented the buyer, Forsgate Industrial Partners, in the transaction.
Located at the intersection of Routes 3 and 17, 10 Polito Ave. offers ideal access to both the Garden State Parkway and the New Jersey Turnpike as well as Interstates 78 and 80. The site is also just over one mile from Forsgate Industrial Partners and Russo Development’s 718-acre, 3 million-square-foot Kingsland Meadowlands industrial development site. Forsgate Industrial Partners plans to evaluate several redevelopment options for 10 Polito Ave. to build upon its already deep Meadowlands portfolio.
“Our deep roster of local contacts has always been at the heart of our ability to quickly close deals,” Todd said. “When we found out that 10 Polito Ave. could be made available for purchase, we quickly recognized it as a perfect opportunity for a visionary developer such as Forsgate Industrial Partners that possessed the foresight and long-term strategy to realize its unique potential.”
Jake Sutker, director at Forsgate Industrial Partners, added: “Identifying underutilized sites in premier locations with access to critical transportation networks has consistently allowed us to build high-quality buildings in high-quality locations over our long history. This acquisition exemplifies that approach, and we look forward to redeveloping the site to create long-term value for the community.”