By Joshua Burd
Investment manager Realterm has added to its fast-growing New Jersey portfolio, acquiring a two-building, 38,600-square-foot complex near Route 22 in Union Township.
In a news release, the company said the properties at 1040 and 1060 Gelb Ave. are fully leased, boasting quick highway access and a location southwest of Newark. Cushman & Wakefield’s Torsten Thaler represented the Annapolis, Maryland-based buyer in the deal, the terms of which were not disclosed.
“These properties have a unique combination of loading positions and excess parking, which is a valuable differentiator for distribution tenants,” said Ben Andreycak, a member of Realterm’s east region acquisitions team. “These two facilities are excellent additions to our portfolio because they are located in an extremely strong final mile market with high barriers for new development.”
Sitting on 2.6 acres, the warehouses have 21 loading positions, Realterm said. The firm added that the properties are 40 minutes from Midtown Manhattan, with quick access to Interstate 78, the New Jersey Turnpike and other corridors.
“The warehouses are advantageously located, making them valuable to a host of occupiers,” said Stephen Panos, a senior vice president and fund manager with Realterm. “This acquisition is another outstanding example of our continued strategy of acquiring the most functional high flow through properties across the country.”