Bussel Realty Corp. on Thursday said it brokered the sale of a 220,000-square-foot industrial complex on 24 acres in Bridgewater for $37 million.
Located at 568 Central Ave., the property is located near Routes 22, 202 and 206, Interstate 287 and the New Jersey Turnpike. The complex is comprised of five industrial buildings, and features a large active rail infrastructure with seven railroad slips capable of ±135 rail carts, eight parking areas, 12 overhead cranes, heavy power and transformers on site. It has a low coverage ratio of industrial property to acreage, making it ideal for trailer parking and outdoor storage.
Anthony Rittwager and Matthew Phillips of the AI Group and Jordan Metz of the Metz Industrial Team at Bussel Realty Corp. represented the seller, Central Avenue Corp., and the buyer, 568 Central Avenue LLC, in the transaction.
“550-568 Central Ave. represented a rare opportunity for a strategic buyer, given the distinct features of this industrial rail site. We created a competitive bidding environment leveraging our AI platform, which secured multiple aggressive offers from very niched buyer profiles,” noted Rittwager. “Stakeholders with the best information tend to make the best decisions, yet value is also subjective. As such, our unique marketing analytics and ability to methodically communicate value throughout the entire process optimized win-win terms for both parties.
“While complexities certainly surfaced, our specialty of viewing challenging situations in novel ways ensured great success for all stakeholders. It was a sincere pleasure representing both buyer and seller in this transaction, which ultimately maximized the seller’s return and marks a major tactical location for Dana Transport Inc.’s liquid bulk distribution network of over 60 locations throughout North America. This transaction further substantiates our bullish outlook on Somerset’s industrial market.”
