370 Essex St. in Lodi — Courtesy: CBRE
By Joshua Burd
A grocery wholesaler is expanding in Lodi with its acquisition of a nearly 170,000-square-foot industrial building that it already occupies, brokers with CBRE announced Tuesday.
According to a news release, AAA Wholesale Group paid $29.2 million for the showroom property at 370 Essex St. The deal provides it with space to grow at a building where it already leased 130,000 square feet under a 2020 deal with Urban Edge Properties, which converted the former retail building just off Route 17 and Interstate 80.
CBRE’s Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan represented AAA Wholesale in direct negotiations with the seller.
“AAA Wholesale absolutely loved the property and its ideal location in the heart of Lodi,” Dudley said. “The wholesale retailer is a prominent business in the area and wanted to remain, expand and better serve the community. The acquisition of the industrial showroom speaks to AAA Wholesale’s deep commitment to Lodi and its residents.”
Built in 1968 and renovated in 2020, 370 Essex St. spans 169,205 square feet with 790 feet of frontage and serves Lodi, Hasbrouck Heights, Maywood and portions of Hackensack, South Hackensack and Woodridge, the news release said. CBRE also cited its location near Teterboro Airport and Hackensack University Medical Center.
“When we selected Lodi for our first New Jersey location back in 2020, we were positive it was the ideal location for our buyers, offering great ownership, excellent access and easy loading,” said Alex Almontaser, founder and CEO of AAA Wholesale Group. “Today we are doubling down on our commitment to this wonderful area due to the overwhelming success of this location and given the opportunity to expand in place by acquiring the entire property from the seller, who contributed to our success through their thoughtful conversion of 370 Essex Street to meet our needs.”
Urban Edge signs 130,000 sq. ft. industrial lease at converted retail building in Lodi
