1200 West Blancke St. in Linden — Courtesy: Bussel Realty Corp.
By Joshua Burd
A logistics firm has acquired a 67,000-square-foot industrial building in Linden, in a $3.9 million transaction arranged by Bussel Realty Corp.
In a news release, the industrial brokerage said it represented M. Gordon Construction in the sale of 1200 West Blancke St. Its new owner, West Coast Shipping, has acquired a property that sits off Route 1&9 near Exit 13 of the New Jersey Turnpike, the Goethals Bridge and Newark Liberty International Airport.
BRC Senior Associate Jordan Metz handled the assignment on behalf of the Edison-based brokerage, noting that the sale followed the resolution of a minor environmental issue and capital improvements costing about $40 per square foot.
“The demand remains voracious for well-located industrial facilities,” Metz said. “With the continued maturation of e-commerce in the new retail landscape, and New York City markets relocating to New Jersey in droves, demand is at historic high levels, while supply is severely constrained.
“It’s a great time to be an owner of industrial assets, and I do not anticipate that slowing down in the foreseeable future based on these very real, basic economic fundamentals.”
Although 1200 West Blancke St, needed extensive building improvements, it drew the attention of several users and investors, BRC said.
“West Coast Shipping was awarded the deal because they acted quickly and the sale was not subject to financing,” Metz said. “In today’s industrial world, while price is important, sellers are focusing more and more on negotiating the other terms of the sale, i.e., shorter due diligence, deals not subject to financing (cash purchases), and fewer contingencies overall.
“Buyers understand that there is tremendous competition in the market and as a result, are responding by providing more aggressive terms in an effort to swing a deal their way.”
