6-12 Anthony St. in Newark — Courtesy: Newmark Associates
By Joshua Burd
An industrial linen business has leased a 12,000-square-foot warehouse in Newark, in one of several newly announced transactions by Newmark Associates CRE.
Brokers with the firm represented ownership in the deal at 6-12 Anthony St., noting that the tenant cleans bedding and towels for more than 120 New York City hotels. The location, which also includes a gated lot, provides the business and its workers with easy access to public transit and distribution hubs, all within a short distance of New York City.
Newmark Sales Associate James Davenport managed the lease on behalf of a repeat client for the brokerage firm.
“Many factors were appealing to both parties in this transaction, including long-term stability for both landlord and tenant with a 10-year lease and the potential opportunity for collaboration by both parties to build apartments in upstairs units which would increase the property’s revenue stream,” Davenport said. “Executing this deal went above and beyond the landlord’s hopes for the property, exceeding any and all expectations.”
Newmark, which is based in the Cedar Knolls section of Hanover, also announced last week the sale of a vacant, freestanding retail property at 505 South Livingston Ave. in Livingston. Senior Sales Associate Jay Zeitchik represented the seller, while Judith Feldman, director of the firm’s health care division, and Broker-Associate Ebony Parham represented an unnamed dental practice in the acquisition.
The deal allowed the buyer to expand its business while allowing the seller “to relieve a distressed situation and obtain a fair price of $750,000 for the property,” Feldman said.
In Clifton, Newmark brokered the sale of a 15,000-square-foot industrial property at 1 Carol St., with Chief Operating Officer Nancy Glick and Sales Associate Vijay Solanki representing both parties in the $3 million deal.
“The seller intended to lease the building and after receiving a creative, above-market offer, chose to sell instead,” Glick said.
Elsewhere in the state, Sales Associates Jeannette Melillo and David Yoon represented both parties in a lease at 645 Speedwell Ave. in Morris Plains. New restaurant tenants are taking space at what was previously a vacant building, but one that sees heavy foot and car traffic and is close to downtown Morristown.
“When the first wave of Omicron came along, we had a deal fall through, and it took another five months before restaurant owners felt less risky opening up a dine-in restaurant,” Melillo said.
She and Sales Associate Dennis Giammetta, a recent hire, represented the tenant in a lease at
19 Route 10 East in the Succasunna section of Roxbury, where a bungee fitness business will open its first New Jersey location. The Newmark brokerage team said the building’s open floor plan, roof joist spacing, ease of access and exit, abundant parking and convenient location made the site “the perfect space for our client” and a lease process that provided an “opportunity for on-the-job training, which aligned seamlessly with our current ‘textbook’ training,” Giammetta said.
Melillo added that “bringing this unique and seemingly very exciting type of exercise opportunity to Succasunna will offer the community a thrilling escape from mundane routine exercise.”
Vacant 15,000 sq. ft. Clifton warehouse trades for $3 million, Newmark Associates says
