Bussel Realty Corp. leased the entirety of 160 Essex Ave. E. in Avenel, a 40,000-square foot industrial property, to Total Source Logistics Inc., according to a Wednesday announcement from the real estate broker.
Jordan Metz, senior vice president of BRC, represented the tenant in the transaction. The landlord, Sitex Group, was represented in-house.
“The port-proximate submarket of Carteret/Avenel has seen significant rent growth, rising valuations and insatiable investor interest over the last five years, with an increasing focus on functional properties with excess land for parking/outdoor storage in irreplaceable locations,” Metz said. “160 Essex Ave. E. offers 40,000 square feet of warehouse space with heavy loading and over 2.5 acres of excess land for parking.”
The asset is conveniently located near the New Jersey Turnpike, Routes 1-9, Newark Liberty International Airport and Port Newark/Elizabeth. It features 18-foot ceiling heights, seven tailboards and one drive-in door loading, dry sprinklers, 600 amps of electric power and 50 surface parking spaces.