By Joshua Burd
A joint venture has sold a 5.6-acre industrial outdoor storage property in Newark, brokers with Cushman & Wakefield announced Monday.
The investment sales team represented the sellers, Grandview Partners and Capital Development Partners, in the transaction at 52-90 Amsterdam St. The brokers also procured the buyer, Daybreak Express, which paid an undisclosed sum for the site at the crossroads of the New Jersey Turnpike and Interstate 78.
“The sale of 52-90 Amsterdam illustrates the continued investor demand for industrial outdoor storage despite the uptick in interest rates over past 90 to 120 days,” said C&W’s Kyle Schmidt, who completed the transaction alongside Gary Gabriel, Ryan Larkin, Will Gerlin and Tom Tucci.
In announcing the deal, the firm said 52-90 Amsterdam St. is less than five minutes from Port Newark-Elizabeth and Newark Liberty International Airport, making it well-positioned to capitalize on increasing port traffic and the scarcity of outdoor storage spaces.
