330 Talmadge Road in Edison — Courtesy: Zimmel Associates
By Joshua Burd
The longtime owner of a 22,500-square-foot industrial building in Edison has sold the property after 25 years, under a transaction arranged by Zimmel Associates.
The seller, US Land Resources, reaped $3.35 million from its disposition of the fully leased complex at 330 Talmadge Road. According to Zimmel, the buyer was an e-commerce business listed as 330 Talmadge LLC.
The deal came as the tenant’s lease was due to expire at year-end, factoring into US Land’s decision to sell, Zimmel said. Also key was the strength of the industrial market.
“A freestanding building is somewhat unusual, directly off of (Interstate 287) in Edison,” said David Zimmel, president of the Edison-based brokerage firm. “There are very few buildings of that size that hit the market for sale in the marketplace.”
Sitting on two acres, 330 Talmadge includes 5,000 square feet of office space, two tailboards and one drive-in bay. US Land Resources has been a Zimmel client for more than 35 years and had tapped the firm to both buy the building initially and subsequently lease it to tenants.
The offering generated multiple prospective buyers during the first week, the firm said. Within sixty days, 330 Talmadge LLC made an offer and closed in two weeks with no mortgage.