NAI James E. Hanson on Monday said it brokered the sale of 5.6 acres of industrial outdoor storage at 703-711 Jersey Ave. in New Brunswick.
NAI James E. Hanson’s Russell Verducci and Eric Demmers represented both the buyer and the seller, Ret Industrial, in the transaction.
Situated in the Jersey Avenue industrial area, 703-711 Jersey Ave. is zoned for general industrial use and currently contains two buildings totaling 41,000 square feet. The property also features proximity to Routes 1, 18, 27 and the New Jersey Turnpike.
Recognizing the high demand for industrial outdoor storage, the seller tapped NAI James E. Hanson’s experience in the sector to identify a buyer for the property. Leveraging its local market knowledge, NAI James E. Hanson secured a buyer who plans to use the property as outdoor storage for trucking containers.
“As industrial projects across the state move forward, demand for outdoor storage will only grow as available land becomes harder to find,” Verducci said. “Demand has risen to the point where outdoor storage is outpacing the traditional industrial market, and it shows no signs of slowing any time soon. The trajectory of the asset classes ensures that owners of suitable properties will continue to be in a highly favorable position should they look to sell.”