7300 West Side Ave. in North Bergen — Courtesy: NAI James E. Hanson
By Joshua Burd
Blackstone has added to its New Jersey holdings with the acquisition of a 130,000-square-foot industrial building in North Bergen, brokers with NAI James E. Hanson announced.
The private equity giant, through its Link Industrial Properties affiliate, purchased the property at 7300 West Side Ave. from Roman Real Estate Holdings Inc. Terms were not disclosed.
NAI Hanson’s Scott Perkins, Greg James and Chris Todd represented the buyer, while Bonni Heller of Cushman & Wakefield represented the seller..
“We continue to see a surge in industrial acquisition activity in the New York City area as available industrial space has been all but spoken for over the past several quarters,” Todd said. “As a result, deals of this size have become increasingly rare and expensive in this type of market.
“For sellers, although this can be highly advantageous, it can also be overwhelming and quite complex. We were able to leverage our deep expertise in this market and our full suite of commercial real estate services to negotiate a deal on behalf of our client that ensured they received fair market value for this rare asset.”
Link Industrial, which is Blackstone’s U.S. industrial real estate operating platform, has added a property that is less than 10 miles from Midtown Manhattan. The building features 22-foot ceiling heights, 19 tailgates and ample car parking, NAI Hanson said, along with the flexibility for a wide range of industrial uses.
The complex also provides easy access to the George Washington Bridge and Holland Tunnel, along with interstates 78, 80 and 95 and routes 3, 4, and 46. Following the sale, Perkins, James and Todd will be joined by their colleagues Tom Vetter and Jeff DeMagistris as the new exclusive leasing brokers for the building.
They are poised to encounter robust demand in a Meadowlands submarket that has a 3.1 percent vacancy rate and record-high price per square foot of $10.42, the highest in the region, according to NAI Hanson. The pricing represents a $1.22 increase from the third quarter of 2018 and a $2.91 increase from Q3 2016.
“With just over 600,000 square feet of industrial space under construction in the Meadowlands right now, it does not appear that the market’s space shortage shows any sign of abating in the near future,” said Kristen Jost, research analyst at NAI Hanson. “Coupled with ever-increasing demand, pricing will continue to rise and place sellers in a highly advantageous position moving forward for the foreseeable future.”
