138 Route 22 East in Hillside — Courtesy: NAI James E. Hanson
By Joshua Burd
PSE&G has acquired an industrial outdoor storage parcel in Hillside that will allow it to expand a substation on a neighboring property, brokers with NAI James E. Hanson said Wednesday.
In a news release, the listing team said it represented a private seller in the transaction at 138 Route 22 East, which includes a 15,677-square-foot industrial building, a 2,192-square-foot shed and ample on-site parking. PSE&G paid $4.35 million for the 1.2-acre property, which it will reposition to support the adjacent substation as it looks to improve electricity distribution services across the region.
NAI Hanson senior vice presidents Russell J. Verducci and Eric Demmers arranged the sale.
“The IOS market continues to show strength with infrastructure companies like PSE&G driving much of the activity,” Verducci said. “We’re pleased to have helped our client capitalize on the value of their property while helping to support regional infrastructure expansion.”
Demmers added: “Utility and infrastructure users require sites that provide scale and strategic connectivity. This property does both, allowing PSE&G to expand critical operations while the seller secured a strong return for the asset.”
