By Joshua Burd
Five industrial buildings in Newark, Linden and Edison have changed hands in a series of deals arranged by Cushman & Wakefield, the firm said Thursday.
The brokerage, which represented the seller, said the properties total 343,000 square feet. The largest among them is 191 Talmadge Road in Edison, a 122,000-square-foot property acquired by the Opper Group, which is fully leased to Ashley Furniture, Zapp Fitness, Nixon Uniform Services Inc. and Fleet Pride Inc.
Cushman’s Metropolitan Area Capital Markets Group brokered the deals. The firm did not disclose the seller’s name or the terms of the transaction.
The deals also include two Port Newark-Elizabeth buildings purchased by Seagis Property Group. The properties, at 158 Paris Street in Newark and 1026 West Elizabeth Ave. in Linden, total 101,000 square feet and are 98 percent occupied.
“These properties are ideally situated at the heart of New Jersey’s Greater Port Region, benefiting from proximity to the largest East Coast port, Newark-Liberty International Airport, and the New York Metropolitan Area’s 23.4 million consumers,” said Gary Gabriel, who orchestrated the sales with team members Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer. “Seagis will be able to leverage significant upside through renewing leases and increasing below market rents.”
Also in Edison, discount variety store chain DII Enterprises purchased a two-building complex at 183 and 185 National Road, Cushman said in a news release. The owner-occupier will ultimately use the 120,000-square-foot site as a regional distribution center, once tenant leases expire.
DII Stores are located throughout the New York and New Jersey metropolitan area.
“The Edison properties are within minutes of I-287, providing efficient access to the New Jersey Turnpike/I-95,” Schmidt said. “This region, which has limited space availability and high barriers to entry, offers a deep labor pool, and desirable proximity to the same infrastructure and consumer population that benefit the Port Newark properties.”
Schmidt added that the three deals closed on parallel timelines and all drew strong interest.
“Tour and bidding activity was robust,” he said. “The DII purchase, in particular, is interesting in that it shows a space user stepping up to compete with institutional and private capital to acquire leased real estate for future use.”