703-711 Jersey Ave. in New Brunswick — Courtesy: NAI James E. Hanson
By Joshua Burd
An industrial user has purchased a 5.6-acre parcel along one of New Brunswick’s key industrial corridors, according to a brokerage team with NAI James E. Hanson.
The property, located at 703-711 Jersey Ave., contains two buildings totaling 41,000 square feet and is less than two miles from Route 1. NAI Hanson’s Russell Verducci and Eric Demmers represented both the seller, Ret Industrial, and the buyer, which now plans to use the site as outdoor storage for trucking containers.
Terms were not disclosed.
“As industrial projects across the state move forward, demand for outdoor storage will only grow as available land becomes harder to find,” Verducci said. “Demand has risen to the point where outdoor storage is outpacing the traditional industrial market and it shows no signs of slowing any time soon. The trajectory of the asset classes ensures that owners of suitable properties will continue to be in a highly favorable position should they look to sell.”
In a news release, NAI Hanson noted that 703-711 Jersey Ave. is zoned for general industrial use. The property is also minutes from routes 18 and 27, along with the New Jersey Turnpike.
