Maryland-based Realterm on Monday announced it acquired 83 Broad Ave., a 66,504-square-foot final mile warehouse in Fairview.
The high-flow-through warehouse has 10 dock-high doors on 4.7 acres and has immediate proximity to Manhattan and the broader New Jersey market.
“This is a low-coverage final-mile warehouse in a very infill northern New Jersey location,” Mitch Arthur, associate, East Region acquisitions, Realterm, stated. “This asset is a continuation of our strategy of acquiring strategically located high flow through properties in top markets.”
83 Broad Ave. offers easy access to CSX’s intermodal facility in North Bergen and the Croxton Intermodal Terminal in Jersey City, as well as to Interstates 95, 80 and 78.
“This property offers access to approximately 10.3 million people within a 15-mile radius,” Ed Brickley, managing director and senior fund manager, Realterm, said. “The property’s in-fill location and differentiated high-flow-through characteristics make it an excellent addition to our growing New Jersey portfolio.”
Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield facilitated the transaction.