AAA Wholesale acquired a nearly 170,000-square-foot industrial showroom property in Lodi for $29.2 million, according to a Tuesday announcement from CBRE, which arranged the transaction.
The CBRE team of Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan represented AAA Wholesale in direct negotiations with the seller.
Located at 370 Essex St., the wholesale buyers’ warehouse that carries everything from groceries to food service items said it was doubling down on its commitment to the area due to the overwhelming success of this location and given the opportunity to expand.
AAA is already a prominent business in the area and chose to “remain, expand and better serve the community.”
“AAA Wholesale absolutely loved the property and its ideal location in the heart of Lodi,” Dudley said. “The acquisition of the industrial showroom speaks to AAA Wholesale’s deep commitment to Lodi and its residents.”
Situated at the crossroads of a major retail hub between Route 17 and Interstate 80, 370 Essex St. was built in 1968 and renovated in 2020. It features 790 feet of frontage with outstanding traffic counts. The property serves Lodi, Hasbrouck Heights, Maywood and portions of Hackensack, South Hackensack and Woodridge and is near Teterboro Airport and the vast Hackensack Hospital complex, drawing residents as well as customers traveling through the market.
“When we selected Lodi for our first New Jersey location back in 2020, we were positive it was the ideal location for our buyers, offering great ownership, excellent access and easy loading,” Alex Almontaser, founder and CEO of AAA Wholesale Group, said.
