463 Barell Ave. in Carlstadt — Courtesy: HFF
By Joshua Burd
An investment group has acquired a nearly 72,000-square-foot industrial building in Carlstadt, under a $7.77 million sale arranged by HFF.
Brokers with the firm represented an unnamed seller in the trade of the 3.5-acre property, which sits at 463 Barell Ave. Penwood Real Estate Investment Management acquired the 71,745-square-foot building, which HFF described as a value-add opportunity with a prime location.
The HFF team included Senior Managing Director Jose Cruz and directors Jordan Avanzato, Marc Duval and Associate J.B. Bruno, along with Senior Managing Director Kevin O’Hearn and senior directors Steve Simonelli and Michael Oliver.
“There was strong demand from the investment community due to the property’s irreplaceable ‘last-mile’ location, clear upside in rents and pricing below replacement costs for similar industrial opportunities in the Meadowlands,” Avanzato said.
The property features two loading doors, six drive-in doors, 14- to 21.5-foot clear heights and wide column spacing, HFF said in a news release. Tenants also benefit from a location minutes from the New Jersey Turnpike and routes 3, 17, 46 and 1 and 9, along with Interstate 80.
HFF meantime, touted the site’s proximity to Midtown Manhattan and its location less than 15 miles from Port Newark-Elizabeth.
“Industrial investments in northern New Jersey continue to attract both institutional and private capital at aggressive pricing, especially within the infill markets,” Cruz said.
