7777 West Side Ave. in North Bergen — Courtesy: NAI James E. Hanson
By Joshua Burd
A company has sold and leased back a North Bergen industrial building that houses its manufacturing and distribution business, in a deal brokered by NAI James E. Hanson.
The seller, Dermarite, had owned the property at 7777 West Side Ave. for five years and sought to redeploy the capital that was tied up in its ownership of the property, NAI Hanson said in a news release. The company sold the 126,000-square-foot building to Terreno Realty Corp. for an undisclosed amount.
The NAI Hanson team of Andrew Somple, Scott Perkins and Christopher Todd represented both parties in the sale-leaseback.
“This sale is a continuance of the trend of investors searching for quality brick and mortar investment opportunities,” Somple said “Through this sale/leaseback arrangement, Dermarite was able to sell to Terreno and continue to occupy space while focusing on their primary business.”
NAI Hanson said the deal began two years ago and evolved due to the complexities of the former ownership and the sale of Dermarite’s business, which involves manufacturing and distributing high-quality advanced wound care and nutritional supplements. The single-story building has 20-foot ceiling heights and offers easy access to the George Washington Bridge and Lincoln Tunnel.
“The former owners of Dermarite recognized the benefits of this transaction and worked with NAI James E. Hanson because of our expertise,” Perkins said. “We advised them and the buyer Terreno to execute a deal that was mutually beneficial for both parties and in line with their long-term business goals.”