LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.
The continued emergence of the e-commerce sector, and continued healthy deal volume among New Jersey’s “traditional” industrial tenants are generating significant momentum for the state’s industrial market. This includes the food, retail and consumer products industries. Strengthening fundamentals have reinforced this theme consistently over the past 24 months, or longer. During 2015, robust demand for modern warehouse space fueled the markets along the New Jersey Turnpike, pushing the state’s warehouse and distribution vacancy to a 15-year low (6.4 percent). This marks a significant five-year drop from a peak of 11.2 percent at the close of 2010. Additionally, the state’s industrial net absorption reached an all-time annual high (12.5 million square feet). Of this, 84 percent occurred within warehouse/distribution product. Big-box demand continues unabated. Currently, we are tracking multiple 1 million-square-foot requirements — the most we’ve seen in many years. Additionally, and importantly, the heightened focus on last-mile delivery is drawing tenants to small and mid-size infill sites. These range from close-in locations providing immediate access to New York City and Philadelphia, to densely populated hubs all along the New Jersey Turnpike. As vacancy rates approach all-time lows and available inventory tightens, an increasing number of deals involve Class B assets. …
HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.
YORK, PA. — A joint venture between an affiliate of Endurance Realty Estate Group and a commingled fund managed by American Realty Advisors has completed the disposition of a bulk distribution facility located at 325 S. Salem Church Road in York. An undisclosed buyer acquired the 785,400-square-foot property for $60 million, or $76.39 per square foot. The property is currently fully leased to Target Corp. and is utilized as the company’s Northeast distribution center for its e-commerce platform. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners represented the seller in the deal.
HARRISBURG AND HARLEYSVILLE, PA. — Broadstone Net Lease (BNL) has acquired two office buildings tenanted by Nationwide Mutual Insurance Co. via a sale-leaseback transaction for a combined purchase price of $54.6 million. Located in Harrisburg and Harleysville and totaling 385,000 square feet, the mission-critical properties are tenanted under one master lease for an initial term of 12 years. Steve Marzullo, Justin Marlowe, Adam Silverman, Doug Jackson, Jeremy Shyk and Michael Curran of CBRE represented the seller, Nationwide, while Tones Vaisey PLLC represented BNL.
GREENWICH, CONN. — Colliers International has arranged the sale of a historical industrial building located at 330 Railroad Ave. in Greenwich. 330 Railroad Avenue LLC, a partnership between Rich Granoff and Jeff Mendell, acquired the property for $8.3 million. The buyer is planning a complete renovation and repositioning of the building by converting the Depression Era-built industrial asset into a boutique high-end office building with approximately 30,000 square feet of office space. Granoff Architects will be the anchor tenant of the renovated property. Jeff Williams, Enzennio Mallozzi and Hollis Pugh of Colliers represented the buyer and undisclosed seller in the deal.
TETERBORO AND NORTHVALE, N.J. — The Stro Companies has acquired a three-building industrial portfolio totaling 95,000 square feet for $7 million. The portfolio includes a three-unit, 27,000-square-foot flex industrial property located at 370 North St. in Teterboro; a three-unit, 50,000-square-foot flex industrial property located at 235 Pegasus Ave. in Northvale; and a single-tenanted, 18,000-square-foot industrial building located at 245 Pegasus Ave. in Northvale. The Teterboro property is fully occupied and 235 Pegasus Avenue is 80 percent occupied, with the majority of the building being leased to Deluxe Media. Lori Zuck and Alex Previdi of Transwestern brokered the transaction. The name of the seller was not disclosed.
NORTH ANDOVER, MASS. — The Hampshire Companies has completed the sale of an industrial building located at 351 Holt Road in North Andover. Atlantic Management Corp. acquired the 248,500-square-foot property for an undisclosed price. At the time of sale, the property was fully leased by, but no longer occupied by, Solo Cup Co. Situated on 27.7 acres, the facility features 26-foot ceiling heights, eight tailboard doors, three drive-in doors, two rail-car doors, 150 automobile parking spaces, 30 trailer parking spaces and 9,000 square feet of office space. Mark Reardon, Bruce Lusa and David Corkey of CBRE represented the seller in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story loft building located at 51 White St. in Tribeca. 51 White Street LLC acquired the property from R.A Cohen & Associates for $22 million, or $1,064 per square foot. The 20,670-square-foot building features 12.5-foot ceiling heights, oversized windows and a sub-cellar, as well as a roof top with views of the Empire State Building and One World Trade Center. At the time of acquisition, the property was vacant. James Nelson, Will Suarez and David Shalom of Cushman & Wakefield represented the seller, while David Friedman of Vertex Realty Group represented the buyer.
NEW YORK CITY — Besen & Associates has arranged the sale of an industrial warehouse building located at 780 E. 135th St. in the Mott Haven neighborhood of the South Bronx. An undisclosed buyer acquired the six-story property for $14 million, or $165 per square foot. Built in 1912, the building features 84,650 square feet of industrial warehouse space. Ronnie Shaban of Besen & Associates represented the undisclosed seller and procured the buyer.