Prologis has acquired a 125,500-square-foot industrial building with 18,516 square feet of office space in Teterboro, according to a Tuesday announcement from NAI James E. Hanson.
Hanson’s Thomas Vetter, Jeffrey DeMagistris and Gary Sauerborn represented the seller, Marschall Partners, in the transaction with Prologis.
Located at 111 Central Ave., just six miles from the George Washington Bridge, the property features 15 loading docks, four drive-ins, 14- to 16-foot ceiling height, 25-by-40-foot columns and ample on-site parking for over 125 cars and nearly 60 trailers. Additionally, it also offers convenient accessibility to Routes 17 and 46, Interstate 80 and the New Jersey Turnpike.
Looking to capitalize on the property’s excellent location and high-quality features, the seller tapped NAI James E. Hanson to utilize its extensive list of institutional contacts and marketing capabilities to attract a reputable buyer. Prologis, a leader in logistics real estate and owner of 52 million square feet across the tri-state area, took interest in the property’s significant car and trailer parking capabilities, part of the acquisition’s criteria.
“Despite the current macroeconomic conditions, we continue to see strong demand for well-located industrial properties that offer extensive parking capabilities,” Vetter said. “111 Central Ave. is a perfect example of the types of properties that institutional investors are targeting in today’s market. We’re happy to have provided the services needed to help our client and wish Prologis success with their new acquisition.”
