5901 Tonnelle Ave. in North Bergen — Courtesy: Realterm
By Joshua Burd
Investment manager Realterm has made its second acquisition in North Bergen, adding a 72,000-square-foot warehouse sitting on nearly four acres.
The Annapolis, Maryland-based firm paid an undisclosed sum for the property at 5901 Tonnelle Ave., which is less than 10 minutes from the Lincoln Tunnel. It touted the facility as a so-called last-mile site, noting that it has more than 10.3 million people within a 15-mile radius.
Jeff Chaus of Chaus Realty represented the seller.
“Northern New Jersey is a top industrial market and continues to see very strong user demand,” said Ben Andreycak of Realterm’s east region acquisitions team. “The subject highlights the continuation of Realterm’s strategy of acquiring functional and well-located high flow-through properties in the top markets throughout the country.”
The building, which has 11 loading docks, is also minutes from the New Jersey Turnpike.
“This is our second acquisition in North Bergen in the last year,” said Ed Brickley, a managing director and senior fund manager with Realterm. “The property’s prime location, highly functional layout and proximity to major transportation routes make it desirable to future tenants and an excellent addition to our portfolio.”