A map showing the future location of Key Moving & Storage Inc. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
NAI James E. Hanson has arranged the sale of a Newark industrial building to a moving and storage business that is relocating to the city from the Bronx.
The real estate services firm said it represented both the seller, Marco Albanese, and the buyer, Key Moving & Storage Inc., in the trade of the 12,864-square-foot building. Located at 50-60 Dickerson St., the two-story warehouse has a configuration and location that NAI Hanson said is “uniquely suited” for the buyer in its relocation from the Bronx.
NAI Hanson’s Russell Verducci and Eric Demmers handled the assignment. Terms were not disclosed.
“We have seen strong demand in the Newark industrial market for warehouse buildings, especially in the 10,000- (to) 20,000-square-foot range,” Demmers said. “Much of this demand has come from companies like Key Moving & Storage looking to relocate from the Bronx and Brooklyn.
“This sale exemplifies that trend and showcases the strong growth factors, namely lower property prices and accessibility to markets west of the Hudson, that have led to the continued commercial resurgence of Newark.”
The warehouse has two loading docks, one drive-in and 1,920 square feet of office space and is located in the heart of Newark’s University Heights neighborhood, NAI Hanson said in a news release. It also has easy access to Interstate 280.
