By Joshua Burd
A well-located, 26-acre site in Perth Amboy that once housed a major oil company’s first terminal has a new owner, following a deal brokered by Avison Young.
In a news release, the firm announced Monday that it had arranged the sale of the property at 1250 State St. The former Hess Corp. site, where an oil terminal was razed prior to the sale, is now positioned for development in a market in which available industrial sites are limited.
An Avison Young team including Vice President Matthew Turse, Vice President Tim Cadigan, Principal Rob Neblett and Principal and Senior Vice President of Development Christopher K. Richter represented both the purchaser and the seller in the deal. The terms and names of the parties were not disclosed.
Jeffrey L. Heller, principal and managing director of Avison Young’s New Jersey office, said the firm managed to help the seller dispose of a unique parcel that offers a deep water bulkhead directly on the Arthur Kill and near the New Jersey Turnpike. The firm also noted that the sale involved multiple disciplines within the organization.
“Avison Young offered a unique depth of strategic services in relation to this acquisition,” Turse said. “We have in-house civil engineers and development specialists who worked hand-in-hand with our brokerage team to properly advise the buyer, given the environmental history of this substantial land site.
“Additionally, our inherent understanding of the New Jersey industrial market combined with our familiarity with the specialized requirements of the region served us well towards getting this deal done.”