Cushman & Wakefield facilitated the acquisition.
Realterm has bought 83 Broad Ave., a 66,504-square-foot industrial property in Fairview, N.J. Cushman & Wakefield facilitated the acquisition.
The property final traded in 2013, when the present vendor, ParkPlus, acquired it for $4.5 million, CommercialEdge knowledge reveals. In-built 1966, the property is a final-mile Class B warehouse positioned in an Alternative Zone and that includes 10 dock-high doorways.
The 4.7-acre web site is near interstates 95, 78 and 80, providing entry to Newark, N.J., Jersey Metropolis, N.J., and Manhattan. The property sits lower than 2 miles from CSX’s intermodal facility in North Bergen, N.J., 6 miles from George Washington Bridge and 6.8 miles from Croxton Intermodal Terminal.
Because of the asset’s infill location, the property has entry to some 10.3 million residents, residing inside a 15-mile radius, including to Realterm’s rising New Jersey-area footprint, stated the corporate’s Managing Director & Senior Fund Supervisor Ed Brickley, in ready remarks.
Cushman & Wakefield’s group included Director Torsten Thaler, Government Managing Director Tom Tucci and Managing Director Steve Shoemaker.
Realterm made a number of last-mile acquisitions this yr. In February, the corporate paid $102.5 million for 2 distribution services in Blauvelt, N.Y. Later in summer season, it bought one other last-mile warehouse inside the DFW market from Oxford Properties.
