120 Frontage Road in Newark — Courtesy: HFF
By Joshua Burd
A developer has paid more than $8 million for a 4.5-acre parcel near Newark Liberty International Airport, where it now plans to build an 80,000-square-foot industrial building.
Brokers with HFF detailed the sale of the Newark property, 120 Frontage Road, after representing the seller and procuring the buyer. In announcing the deal on Thursday, the brokerage firm touted its tri-model access, including its proximity to the airport and to Port Newark-Elizabeth, and its location directly off Interstate 78.
HFF Director Marc Duval, Senior Managing Director Jose Cruz and Director Jordan Avanzato inked the $8.205 million sale, noting that the buyer purchased the property free and clear of existing debt.
“The industrial market remains strong with limited development sites available,” Duval said. “We have seen institutional capital lower their price points to find development opportunities in core, northern New Jersey locations. The buyer will have great tenant demand being so close to the Newark Airport and the port.”
HFF added that the site is minutes from New Jersey Turnpike Exit 14C and the Garden State Parkway. It is directly across the interstate from Newark Airport.