1290 Wall St. in Lyndhurst — Courtesy: CBRE
By Joshua Burd
The Blackstone Group has acquired a Lyndhurst development site that can accommodate more than 85,000 square feet of new warehouse and distribution space, brokers with CBRE announced.
In a news release, CBRE said it represented Rugby Realty Co. in the sale of 1290 Wall St. Blackstone’s Gramercy Property Trust paid $8 million for the 5.67-acre site.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team and CBRE National Partners, along with CBRE Vice Chairman Thomas Monahan, negotiated the transaction.
“This transaction is a reflection of the continued interest investors have expressed in northern New Jersey and, more specifically, the thriving Meadowlands submarket,” said Fiumara, an executive vice president with CBRE. “We anticipate even more activity in this region over the course of 2019.”
The parcel can accommodate 85,400 square feet of modern industrial space, CBRE said, touting the area as “one of the premier gateway markets” in the U.S. Along with its transportation connectivity, 1290 Wall St. provides direct access to the largest and most concentrated consumer and business base in the country.
“When we first acquired the property, we analyzed the market and anticipated strong growth potential in Lyndhurst,” said Maurice Ades, principal and managing partner of Rugby Realty. “Our evaluation proved to be absolutely correct. Working closely with CBRE, we were able to market this ideally located site and close on the sale with new ownership that also sees the same potential.”