490 Hillside Ave. in Hillside — Courtesy: IPRG
By Joshua Burd
Longpoint Realty Partners has acquired some 33,000 square feet of warehouse space just south of Interstate 78 in Hillside, in a transaction arranged by IPRG.
The listing team said the seller, M. Dietz Sons, had owned and occupied the property at 490 Hillside Ave. for several decades. But the chair manufacturer is vacating the facility, giving Longpoint a valuable opportunity to reposition the building and secure a long-term tenant in a high-demand industrial market.
IPRG Managing Partner Yanni Marmarou assisted Associate Andrea Nestico, who represented the seller. Terms were not disclosed.
“Longpoint captured the opportunity to acquire a rare multiuse warehouse in a prime location,” Marmarou said. “With its strategic positioning at the junction of Interstates 78 and Route 22, as well as the Garden State Parkway, the property offers exceptional accessibility and long-term investment potential. It was truly a pleasure working with Longpoint, who executed a seamless closing process.”
IPRG added that the deal represents the shift in appetite for many industrial investors, noting that lease-up time for spaces larger than 100,000 square feet is around 11 months, while small-bay properties are renting in four months. Many investors are shifting focus to the quicker performing middle market space, the firm said.
