14-16 Burma Road in Jersey City — Courtesy: Grid Real Estate LLC
By Joshua Burd
A buyer has paid nearly $24 million for two Jersey City warehouses, brokerage firm Grid Real Estate said, noting that the company now plans to use the buildings for film studio space.
The properties include 14-16 Burma Road, an 81,000-square-foot complex, and 150 Theodore Conrad Drive, which spans 40,000 square feet. The seller, Capital Moving and Storage, will remain in the buildings as part of a sale-leaseback with the private buyer, although Grid noted that both properties are expected to be part of New Jersey’s growing entertainment studio production business.
If so, the buildings would follow in the footsteps of 21 Caven Point Ave., a 135,000-square-foot warehouse in the city that was acquired last year by Criterion Group LLC. The buyer said it plans to use the building to serve what is a growing demand for studio space in the state.
Grid Real Estate President Bob Antonicello said he and his team “fully expect these two prime industrial properties” to follow suit, adding: “Building studio infrastructure is a game-changer for building the entertainment industry in New Jersey!”
“The repurposing of these two mid-century warehouse buildings to state-of-the-art production studios is a huge step forward in creating the kind of infrastructure New Jersey and Jersey City will need to continue to grow the entertainment business in New Jersey,” Antonicello said. “Studio infrastructure, like the cutting-edge studios planned here are a game changer for both the city, the state and region.”
The properties sold for a combined $23.75 million. Grid, which is based in Jersey City, noted that both properties are within the city’s Liberty Harbor Redevelopment Area.
Genova Burns attorneys Eugene Paolino and John Suwatson represented the buyer and facilitated the transaction.
“The purchase of these two properties is just another indication of the attraction that Jersey City holds for movie studios, not only because of the receptiveness of the City and the State to the return of the film industry to New Jersey but also because of the availability of suitable properties, a superb pool of talented workers and the location of Jersey City as an unparalleled transit hub,” Paolino said.