ENGLEWOOD, NJ-While the post-recession recovery continues to be gradual for the industrial market, brokers say there is strong interest in well-located properties.
Lee & Associates reports that it has closed the $9 million of 330 S. Van Brunt St. here, a 34-year-old facility that is leased to a dental product supplier.
Lee’s Michael Schaible represented the seller, Humphrey S. Lewis Urban Renewal Corp., and Jeffrey Miller, also of Lee’s New Jersey office, represented the purchaser, ITT Acquisitions.
“ITT feels bullish that this Northern Bergen County locale, two minutes to the George Washington Bridge, New Jersey Turnpike and I-80 has upside potential,” said Schaible.
The single-tenant net-leased facility is occupied by DENTSPLY.
In central Jersey at one of the state’s most active submarkets, Exit 8A off the Turnpike, Jones Lang LaSalle is marketing 11 Commerce Court West, a 225,590-square-foot distribution facility in South Brunswick.
The central New Jersey industrial market had 3.2 million square feet of positive net absorption in 2012, according to Jones Lang LaSalle.
The South Brunswick facility is a Class A freestanding facility with a prime location a quarter of a mile from Exit 8A, said Jonathan B. Tesser, a member of the JLL team handling the lease.
“The majority of absorption has been in the Class A product type, making this modern site highly attractive to a variety of business sectors,” he said. Mike Markey, Joel Lubin and Chad Hillyer are also part of the team marketing the property for Seagis Property Group.
The facility, built in 2007, has 32-foot clear ceilings, 29 tailgates – expandable to 35 – and an ESFR sprinkler system. It is located on a 15-acre tract with 133 surface parking spaces and 20 industrial trailer spaces.
“There are very few opportunities of this quality and size range, particularly if a firm is looking for a free-standing site,” Tesser said. “Prospective tenants also benefit from having strong ownership in place, as Seagis has nearly three million square feet of first-rate properties in New Jersey.”