151 Ridgedale Ave. in East Hanover — Courtesy: Avison Young
By Joshua Burd
Urban Edge Properties has acquired a nearly 190,000-square-foot industrial building in East Hanover, citing its strategy of adding sites with expansion and redevelopment potential.
According to brokers with Avison Young, the complex at 151 Ridgedale Ave. is the longtime warehouse and distribution center for Paper Mart. The family-owned paper and packaging company sold the 187,013-square-foot property to Urban Edge, the Vornado Realty Trust spinoff, for an undisclosed price.
“This is a unique disposition where the seller is selling the property back to the entity from whom it was originally purchased in 1978,” Avison Young’s Matthew Turse said. “Acquiring back 151 Ridgedale Avenue presented Urban Edge Properties with the opportunity to own all of the commercial assets on the block and further their investment strategy of purchasing assets in high barrier-to-entry markets.”
Turse and Timothy Cadigan, both senior vice presidents with the firm, represented Paper Mart alongside Associate Grant Otto, while Tom Consiglio and Scott Peck of Resource Realty represented Urban Edge. In a news release, the brokers noted that 151 Ridgedale Ave. sits on 9.17 acres near highways such as Route 24 and Interstate 287, providing access to Newark Liberty International Airport, Port Newark-Elizabeth and Manhattan.
Family-owned and -operated since 1940, Paper Mart specializes in paper products and envelope selection and usage, Avison Young said. In addition to providing papers, envelopes, labels, card stocks and other related products, Paper Mart also provides a variety of custom printing, cutting and finishing services to businesses and consumers.