111 Central Ave. in Teterboro — Courtesy: NAI James E. Hanson
By Joshua Burd
Prologis Inc. has purchased a nearly 126,000-square-foot industrial building in Teterboro, adding to its vast holdings in Bergen County and northern New Jersey.
According to NAI James E. Hanson, which represented the seller in the trade of 111 Central Ave., the logistics real estate giant paid an undisclosed sum for the property. The brokerage team noted that the facility has 15 loading docks, four drive-ins, 14- to 16-foot ceiling heights and parking for more than 125 cars and nearly 60 trailers.
NAI Hanson’s Thomas Vetter, Jeffrey DeMagistris and Gary Sauerborn completed the assignment on behalf of Marschall Partners LP.
“Despite the current macroeconomic conditions, we continue to see strong demand for well-located industrial properties that offer extensive parking capabilities,” Vetter said. “111 Central Avenue is a perfect example of the types of properties that institutional investors are targeting in today’s market. We’re happy to have provided the services needed to help our client and wish Prologis success with their new acquisition.”
Prologis owns more than 52 million square feet of industrial space across the tristate area, NAI Hanson said. Its newest property is just east of the intersection of routes 17 and 46, while it’s minutes from Interstate 80 and the New Jersey Turnpike.
