By Joshua Burd
Hartz Mountain Industries has sold a nearly 570,000-square-foot industrial complex in Wayne to an affiliate of Ares Management, in a recent deal valued at more than $138 million.
Located at 20-30 and 25 Continental Drive, about a mile from both Interstate 80 and Route 23, the asset changed hands as part of a transaction that closed at midyear. Ares Industrial Real Estate Income Trust purchased the 567,066-square-foot complex for around $138.5 million, according to market reports and regulatory filings.
Cushman & Wakefield’s Andy Merin, Gary Gabriel, Max Helfman, David Bernhaut and Kyle Schmidt brokered the sale, with leasing support from Bill Waxman.
According to a property listing, 20-30 and 25 Continental Drive has ceiling heights ranging from around 18 feet to 31 feet, with parking for 138 trailers and loading docks that includes 87 exterior doors and five interior doors. The site provides easy access to the Garden State Parkway, routes 17, 46 and 10 and Interstate 287.
CoStar first reported the deal earlier this month.
