The warehouse, home to Continental Terminals since January 2016, is less than two miles from Exit 12 on the New Jersey Turnpike with easy access to Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. It is owned by a leading, undisclosed real estate investor.
NAI Hanson’s Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio represented the owner; Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant.
“It’s safe to say that finding over 400,000 square feet of prime industrial space in a market like Carteret is virtually impossible in the current market,” Perkins said. “In such a competitive market, institutional investors continue to be extremely well-positioned to create value from strategic leasing of their assets.
“We were happy to help them negotiate a deal that would keep a long-term tenant in place while also capitalizing on the strong market.”