10 Production Way in the Avenel section of Woodbridge — Courtesy: Bussel Realty Corp.
By Joshua Burd
A private investor has paid more than $6.3 million to acquire a 55,000-square-foot industrial building in the Avenel section of Woodbridge, according to Bussel Realty Corp.
In a news release, Bussel said it represented both parties in the sale of 10 Production Way. The firm identified the seller as Cantor Cos.
BRC Senior Vice President Jordan Metz handled the assignment on behalf of the Edison-based brokerage firm.
“The trend continues,” Metz said. “There continues to be an insatiable demand from both users and investors for an almost nonexistent supply of well located, functional industrial properties in and around the port-proximate markets, creating fierce competition to purchase.
“Similar to other assets that have traded, 10 Production Avenue had several full-priced offers, and my client/investor was able to secure the deal by providing aggressive terms with no financing contingency.”
Located off Route 1&9 and near Exit 12 of the New Jersey Turnpike, 10 Production Way offers access to the Goethals Bridge and Newark Liberty International Airport, BRC said. The property includes a 6,480-square-foot office space, 11 loading docks, one drive-in door, 20-foot ceiling heights, wet sprinklers and 2,000 amps of power.
