201 Elizabeth St. in Bordentown — Courtesy: Newmark
By Joshua Burd
An industrial owner has sold a warehouse property in Bordentown for $60 million, in a deal by Newmark that comes five years after the asset last changed hands.
According to the brokerage team, which represented the O’Donnell Group in the sale, the building at 201 Elizabeth St. sits just off Exit 7 of the New Jersey Turnpike, with 275,631 square feet on a 39.16-acre lot that has up to 140,767 square feet of additional expansion space. Penwood Real Estate purchased the property, marking the latest in a string of deals for the firm.
Newmark executive managing directors Steven Schultz and Steve Tolkach, along with managing directors Kyle Eaton and Tony Georgiev, represented the seller. The team also represented a prior owner in its sale of the building to the O’Donnell Group in 2017.
“The New Jersey Turnpike area is one of the strongest warehouse (and) distribution markets in the Northeast region,” Schultz said. “With a high barrier to entry due to land scarcity in the surrounding municipalities, this building offers significant upside with the potential for nearly 150,000 square feet of expansion area.”
In announcing the deal, Newmark said 201 Elizabeth St. has 266,523 square feet of warehouse area and 9,108 square feet of office space. Features include platform loading for two rail car positions, 24-foot ceiling height, 40-by-43-foot column spacing, 16 tailgate doors, four acres of outdoor storage, power provided by a new 13-KVA substation and parking for 80 cars and 120 trailers.
The team added that tenants have immediate access to routes 206 and 130 and interstates 195 and 295.
“With our first purchase in New Jersey in 2017 and this sale in 2022, we have been pleased with Newmark’s professionalism and expertise,” said Doug O’Donnell, CEO and president of the O’Donnell Group, which is based in Newport Beach, California. “We continue to focus on purchasing industrial buildings nationwide, primarily distribution centers and manufacturing facilities.”