900 Durham Ave. in South Plainfield — Courtesy: Cushman & Wakefield
By Joshua Burd
The site of a nearly 32,000-square-foot former GE Healthcare facility in South Plainfield has traded for $3.8 million, brokers with Cushman & Wakefield announced Wednesday.
Originally developed for the company’s manufacturing and distribution operations, the now-vacant property at 900 Durham Ave. has some 21,800 square feet of laboratory and production space, 6,000 square feet of warehouse space and more than 4,000 square feet of office space. That mix helped attract a pool of prospective investors including the ultimate buyer, Shomash Realty LLC, as did its immediate access to Interstate 287 Exit 4.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and Ryan Larkin represented the seller, Roaring Brook Investment One LLC.
“The property’s combination of laboratory, production, warehouse and office space created a unique offering within the central New Jersey industrial market,” Larkin said.
C&W added that the 31,800-square-foot building sits on 3.52 acres at the intersection of Durham Avenue and Hadley Road. That includes around 80 parking spaces and multiple points of ingress and egress, providing flexibility for future occupancy, redevelopment or repositioning.
Its proximity to I-287, meantime, provides easy access to the New Jersey Turnpike, Interstate 78, Route 1 and other major transportation corridors serving the New York metropolitan region.
“Coupled with its visibility and access along Interstate 287, the asset provided the buyer with flexibility that is difficult to replicate through new development,” Sobel said.
