NAI James E. Hanson represented the customer within the sale-leaseback transaction.
Industrial Outside Ventures has acquired an 8.7-acre building website in Edison, N.J., from Railroad Development Co. That is the corporate’s first buy of this sort within the state. NAI James E. Hanson represented the customer within the transaction.
The property, which is an industrial outside storage, final traded in 2005, for a sale value of $2.2 million, in accordance with CommercialEdge information. Railroad Development will proceed to lease the asset, positioned at 75 Glendale Ave.
The asset options 8.7 acres of out of doors storage and a 35,729-square-foot upkeep constructing, accomplished in 1960. The property is simply 1 mile from the intersection of New Jersey Turnpike and Route 18 and affords entry to U.S. Freeway 1. Newark and New York Metropolis are roughly 25 miles away. Different industrial websites and buildings within the surrounding space host pharmaceutical firms, in addition to warehousing and logistics companies corresponding to United Distribution Companies, Americold Logistics and American Worldwide Warehouse.
Primarily based in Chicago and established in 2017, Industrial Outside Ventures is the primary firm specializing solely in outside storage amenities. Regardless of not being a mature and well-established market, the economic outside storage sector is not thought-about a distinct segment phase, because the demand has elevated in the course of the pandemic because of the progress of e-commerce companies.
The NAI James E. Hanson crew included Senior Vice Presidents Scott Perkins, Chris Todd and Affiliate William Ericksen.
