1200 Amboy Ave. in Perth Amboy — Courtesy: Cushman & Wakefield
By Joshua Burd
A roofing company has sold and leased back its nearly 200,000-square-foot headquarters and manufacturing plant in Perth Amboy, in a transaction arranged by Cushman & Wakefield.
The real estate services firm said the seller, Englert Inc., has signed a 20-year lease at 1200 Amboy Ave. as part of the deal with Longpoint Realty Partners. The deal will keep the manufacturer and supplier in a building that it has called home since the 1980s, the brokerage team said, citing its direct access to the New Turnpike, Route 440 and other area highways.
C&W’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin represented the seller of the 192,500-square-foot building, while John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Zachary Kraft arranged $14.7 million in acquisition financing through Bank United.
“This property is located in the Port industrial submarket, among New Jersey’s most sought-after, offering a deep labor pool and immediate access to the ports and Newark Airport,” Gabriel said. “With easy access to the New Jersey Turnpike, the Garden State Parkway (and) routes 1, 9 and 440 and Staten Island, the buyer will benefit from durable cash flow and the opportunity to redevelop in the future.”
Sitting on 16 acres, 1200 Amboy Ave. features 125 trailer parking spaces. Englert, which makes and supplies commercial and residential metal roofing product, uses the building as its headquarters and primary manufacturing facility.
“We congratulate both Longpoint Realty Partners and Bank United on a seamless execution during these unprecedented times in the capital markets,” Alascio said. “Bank United was able to put forth an exceptional financing package which demonstrated its knowledge of the opportunity and understanding of the buyer’s business plan.”