110 Minue St. in Carteret — Courtesy: Bussel Realty Corp.
By Joshua Burd
A distributor of Kosher foods has purchased a 74,000-square-foot industrial building in Carteret for $11.75 million, brokers with Bussel Realty Corp. announced Tuesday.
The buyer, R & L Goods Distribution, has relocated from Brooklyn to the space at 110 Minue St., according to a news release. Brokers noted that the property is minutes from the New Jersey Turnpike, Route 1&9, Interstate 78 and the Port Newark-Elizabeth district, with a 14,000-square-foot office space, 20-foot ceiling heights, two drive-in doors and 58 surface spaces.
BRC Senior Vice President Jordan Metz, Vice President Eric Koons and Sales Associate Benito Abbate represented the seller, Dino Tomasetti, in the deal. Cushman & Wakefield represented the buyer.
“It’s becoming increasingly difficult for users to compete with investment groups in today’s hyper-competitive New Jersey core industrial port markets,” Metz said. “The buyer pursued 110 Minue Street aggressively and front-loaded many of the due diligence items, which put them in a position to accept fewer contract contingencies than normal and to secure the deal.
“This was a win-win for both the buyer and seller. The new owner plans to make significant renovations to the building in order to operate its expanding wholesale bakery business.”