383-387 South 11th St. in Newark — Courtesy: The Quinas Companies Inc.
By Joshua Burd
An industrial user is relocating to Newark after acquiring an 8,400-square-foot warehouse in the city, according to a brokerage team with The Quinas Companies Inc.
The buyer, which was undisclosed, paid $1.2 million in the transaction at 383-387 South 11th St. QCRE’s Ryan Cerqueira represented both parties after an offering that drew 127 unique inquiries, yielded 23 tours and produced 11 offers, he said, highlighting the significant investor and owner-user demand for similar space in the Newark market.
The deal closed June 9 with the seller having updated the roof, lighting systems, façade and other areas, QCRE said. The building’s new owner is relocating from Brooklyn.
