25 Enterprise Ave. North in Secaucus — Courtesy: CBRE
By Joshua Burd
An investment group has closed on its purchase of a 149,000-square-foot commercial property in Secaucus, in a newly completed transaction by CBRE.
The real estate services firm announced Thursday that EverWest Real Estate Investors and a Colorado-based investment fund have acquired the property, 25 Enterprise Ave. North, from Glenmore Management for an undisclosed price. The acquisition, which includes both warehouse and retail space, came as part of an off-market transaction.
Kevin Dudley and William Waxman of CBRE’s advisory and transactions services team worked with Elli Klapper and Charles Berger of the firm’s tristate investment properties team in representing the buyer.
“In today’s business climate, it’s more and more important that different service lines work together to create and develop interesting opportunities for our clients,” said Bill Waxman, an executive vice president with CBRE.
In a news release, the firm noted that the deal stemmed from a collaboration between its largest New Jersey industrial group and the investment properties team.
“We are continuing our collaborative efforts and working on new projects as we speak,” said Klapper, a senior vice president.
Everwest and its partner subsequently retained CBRE to oversee leasing at the facility, which was built in 1970. CBRE touted the site’s location in the highly desirable Meadowlands submarket.
The multi-tenanted building is fully occupied by both warehouse and retail users.
“This property provided our client with a very rare opportunity to own a coveted asset in the heart of one of the most active industrial corridors in the country, in an off-market deal,” said Dudley, a senior vice president.
Steve Feinberg, EverWest’s director of Northeast acquisitions, added: “The property’s irreplaceable location situated just five miles from Manhattan offers excellent access for last-mile logistics users.”