By Joshua Burd
A buyer has paid nearly $20 million for a 256,000-square-foot industrial facility in Rahway, in a newly announced transaction by Bussel Realty Corp.
The industrial brokerage firm on Tuesday said it represented the seller of 313 Regina Ave., a former facility for The Regina Co.’s vacuum business. An entity known as 313 Regina Avenue LLC purchased the complex for $19.75 million.
BRC senior vice presidents David Blitt and Robert Sager and James Hodgkins, a vice president with the firm, represented the seller. Joel Katz of Katz & Sterling represented the buyer.
“While we were arranging the sale of 313 Regina Avenue, our BRC team was also the leasing agent for the property,” Blitt said. “Prior to the deal closing we were able to lease the final remaining units, providing the new owner a 100 percent stabilized asset. We believe the solid New Jersey industrial market is a great investment for firms looking for stable returns.”
Sitting on four acres, 313 Regina Ave. sits near Exit 12 of the New Jersey Turnpike with access to Routes 1 and 9, BRC said in a news release. The property has 28-foot ceilings, four tailboards, seven loading docks, heavy power and one drive-in door.