9, 11 and 15 Melanie Lane in East Hanover — File photo / Courtesy: Cushman & Wakefield
By Joshua Burd
Investors are clamoring for industrial property in and around New Jersey, as evidenced by a slew of recent deals completed by a Cushman & Wakefield team focused on the asset class.
The seven transactions, which have all closed in the fourth quarter, total $257 million in value and include more than 1 million square feet across New Jersey and New York, according to a news release. The firm said its Northeast industrial capital markets team — Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema — represented sellers and procured buyers across a range of deals involving institutional, private equity and entrepreneurial ownership groups.
“The depth of demand we’re seeing across shallow-bay, (industrial outdoor storage) and Class A warehouse speaks volumes about the strength of the NJ/NY industrial market,” said Gabriel, an executive vice chair with Cushman. “Investors remain focused on the region’s limited supply, compelling geography and durable tenant base. The momentum of recent closings reinforces just how competitive and resilient this market continues to be.”
The transactions are as follows:
- In East Hanover, C&W represented Vision Real Estate Partners and Barings in their sale of the three-building, 168,564-square-foot East Hanover Industrial Park on Melanie Lane. The shallow-bay portfolio is home to 31 tenants.
- In Brewster, New York, the firm represented Lincoln Equities Group and HIG in the sale of a newly delivered, 303,100-square-foot warehouse. Known as Interstate Crossing, Building A, the property is fully leased to LesserEvil for six years and has 40-foot clear ceiling heights, 58 loading positions and connectivity to interstates 84 and 684.
- C&W represented a private partnership in the sale of a 123,821-square-foot portfolio of shallow-bay and low-coverage industrial buildings at 90 New Dutch Lane in Fairfield and 27-35 Franklin Turnpike in Mahwah. The team also procured the buyer, Faropoint, noting that tenants include Beacon Roofing Supply with a long-term lease through 2033.
- The firm represented the seller, Longpoint Partners, and procured the buyer, The Silverman Group, in the trade of a fully leased, 97,145-square-foot shallow-bay park in Clifton with a value-add component.
- Also in Clifton, at 90 Kingsland Road, Cushman represented VentureOne in its sale of a vehicle distribution center sitting on a 7.1-acre industrial outdoor storage site with a 9,667-square-foot maintenance facility supporting one of the world’s largest electric vehicle companies. The firm also procured the buyer, Outpost.
- Along Route 46 in Morris County, C&W represented Camber Real Estate Partners and Corebridge in their sale of a 277,000-square-foot, multitenant industrial building with a diverse tenant mix and recent capital improvements.
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