By Joshua Burd
An investor has acquired a 100,400-square-foot industrial complex in Kearny, in a transaction arranged by brokers with The Blau & Berg Co.
The Short Hills-based firm announced this week that it represented LTL-RE Holding LLC in the sale of 76-104 Third Ave., which sits two miles from Interstate 280. The 5.4-acre site includes improved land for outdoor parking and storage, the brokers said, providing an attractive opportunity for tenants in need of warehousing with a highly sought-after land component.
Terms were not disclosed. Blau & Berg President Jason M. Crimmins, CEO and Chairman Kenneth F. Crimmins and Director Michael Schipper completed the assignment.
“Demand for industrial space in New Jersey continues to grow with an increased interest in warehouses, logistics and last-mile delivery,” Schipper said. “Situated in an industrial zone in Kearny, and with key upgrades planned by new ownership, this property is an exceptional value-add investment opportunity.”
The brokerage team touted the site’s proximity to Port Newark-Elizabeth and easy access to the New Jersey Turnpike, Newark Liberty International Airport and the Meadowlands region. The property includes 86,040 square feet of warehouse space and 12,840 square feet of office space.