Construction is underway on Deugen Development’s new 47,300-square-foot warehouse facility at 390 Central Ave. in East Rutherford, as depicted in this rendering. — Courtesy: Deugen
By Joshua Burd
Avison Young has announced the sale of a onetime manufacturing site in East Rutherford that will soon become a new warehouse facility built by Deugen Development.
Brokers with the firm represented the seller, Sun Chemical, in the transaction at 390 Central Ave. Deugen, which paid an undisclosed sum for the 2.8-acre property, recently kicked off its plan to build 47,300 square feet of modern logistics space at the parcel.
Avison Young principals Timothy Cadigan and Matthew Turse and vice presidents Judy A. Troiano and John Gianis, who are based in the firm’s Morristown office, brokered the sale.
“The opportunity to transform Sun Chemical’s asset into a thriving part of our 21st century economy was a very exciting challenge for our team, and we’re thrilled that Deugen Development recognized the value of not only the future of the property, but its location,” Cadigan said. “This transaction was able to not only functionalize an obsolete asset, but to monetize surplus real estate for our client and bring expanded service and jobs to Bergen County.”
Located about a mile west of Route 17, the site will provide tenants with easy access to Route 3 and the New Jersey Turnpike, along with the region’s deep labor pool.
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