1301 West Elizabeth Ave. in Linden — Courtesy: Bussel Realty Corp.
By Joshua Burd
An industrial buyer has paid $15 million for a multitenant, 138,000-square-foot property in Linden, in a newly announced transaction by Bussel Realty Corp.
In a news release, the brokerage firm said Gold Tree Management is eyeing a series of upgrades after completing its purchase of 1301 West Elizabeth Ave. BRC President Steve Bussel and Executive Vice President Gregory Irving represented JRT Realty in the sale, while Senior Vice President Jordan Metz represented the buyer.
“It was a pleasure to work with our longtime client, JRT Realty, in the sale of this well-located industrial property,” Bussel said. “With New Jersey’s sub-two percent industrial availability rate and rents climbing to never-seen-before double digits in submarkets near the ports, New York City and Newark Liberty Airport, industrial properties are trading at record-high prices.”
Metz, for his part, described the deal as “a true value-add play.”
“Our buyer, a long-term client, recognized the opportunity and acted quickly and decisively to acquire it,” he said. “This multitenant industrial facility is superbly located with immediate access to major highways, has ceiling heights up to 24 feet and is outfitted with loading docks and grade-level doors.
“Our buyer will be making various improvements to the site and will capture huge upside with expiring leases coming due soon, as market rental rates continue to soar. We look forward to quickly leasing up the renovated spaces.”
