456 Hollywood Ave. in South Plainfield — Courtesy: Ridgecut Road/ Cushman & Wakefield
By Joshua Burd
A partnership has acquired a South Plainfield industrial property that it’s now marketing to tenants, seeking to leverage the site’s low coverage and proximity to Interstate 287.
The investors, which include Ridgecut Road and Marcus Partners, noted that the parcel at 456 Hollywood Ave. has been home to a crane rental and equipment business for some 50 years. It includes an 11,500-square-foot service facility on 3.92 acres, which the buyers expect to appeal to tenants from Port Newark-Elizabeth and throughout the I-287 submarket.
Cushman & Wakefield’s Jason Barton is the leasing agent for the property, which has 24-foot clear ceiling heights and three drive-in doors, while it’s around two miles from the interstate and 7.5 miles from the New Jersey Turnpike. David Warren, Shaya Nisnevitz and Bunny Escava of Kassin Sabbagh Realty brokered the sale to Ridgecut Road, which focuses on logistics real estate in New Jersey and New York, and Marcus, the Boston-based investment manager, while Cushman’s John Alascio, TJ Sullivan and Chuck Kohaut helped structure the partnership.
Terms of the sale were not disclosed.