880 and 890 Paterson Plank Road in East Rutherford — Courtesy: NAI James E. Hanson
By Tina Traster
Investment manager Realterm has added nearly 42,000 square feet in New Jersey with its purchase of two industrial buildings in East Rutherford, in a deal by NAI James E. Hanson.
In a news release, the brokers said the portfolio includes a 36,500-square-foot property at 890 Paterson Plank Road with 20-foot ceiling heights, four loading docks and two drive-ins on 2.6 acres. Realterm also purchased 880 Paterson Plank Road, a 5,000-square-foot service building on 1.8 acres.
NAI Hanson’s Scott Perkins, Chris Todd and William Ericksen represented the Annapolis, Maryland-based buyer, which focuses on high-flow-through logistics facilities. Terms were not disclosed.
“As the New Jersey industrial market only gets larger and more sophisticated, we are increasingly seeing a growing interest in specialty subsectors like high-flow-through logistics facilities,” Perkins said. “In such a tight market, finding suitable properties that align with investors’ increasingly specific needs is often difficult. Fortunately, highly experienced brokerage teams with on-the-ground presences like ours can be a tremendous asset in helping companies like Realterm find suitable properties.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.