50 Knickerbocker Road in Moonachie — Courtesy: Dermody Properties
By Joshua Burd
Dermody Properties has expanded its northern New Jersey industrial holdings with the acquisition of a roughly 72,000-square-foot building in Moonachie.
The investment and development firm said the property, 50 Knickerbocker Road, is currently a manufacturing and warehouse facility sitting on 2.95 acres. It now plans to transition the structure to a traditional warehouse use, seeking to capitalize on its location less than four miles from the New Jersey Turnpike.
To that end, Dermody is planning upgrades such as repaving the truck court and parking areas, installing new docks and a full renovation of the existing office space. It will be available for lease in the fourth quarter of this year.
“This investment offers a rare value-add opportunity in the nationally recognized Meadowlands submarket, which is currently lacking in available space or developable land,” said Gene Preston, east region partner for Dermody. “This is a highly competitive submarket, and the property’s location provides excellent regional access throughout New Jersey and the tristate area.”
In a news release, the firm noted that the structure is also eight miles from the George Washington Bridge and Lincoln Tunnel, while providing quick access to interstates 80 and 78 and routes 17 and 46. The building features eight dock-high doors with the option to add a ninth, 20-foot clear ceiling heights, 62 surface parking spaces and a two-floor office space totaling 9,388 square feet.
A new roof was installed in 2016.
“The Meadowlands submarket is extremely valuable to our customers because of its proximity to Manhattan and many densely populated areas of New Jersey, providing access to millions of consumers and thousands of businesses,” said Tim Walsh, Dermody’s chief investment officer. “Many companies that are based in the Meadowlands require quick access to their customers that cannot be served by moving further west or south in New Jersey.”
Gary Stein from Savills and Craig Engelhardt and Steve Korfiatis of Newmark brokered the sale of the building. Andrew Siemsen and Michael Kimmel of KBC Advisors New Jersey are the leasing brokers for the project.