CLIFTON, NJ−As the industrial market continues to power its way into 2014, NAI James E. Hanson has brokered three significant industrial transactions here – two acquisitions and a lease.
Also, in Jersey City, Bussel Realty Corp. signed a lease with Atlantic Holdings that brings a large warehouse/ distribution facility close to the Holland Tunnel to full occupancy.
The NAI Hanson team of Kenneth Lundberg, Scott Perkins and Barry Cohorsky represented WEA Enterprises, a commercial real estate and asset management company, in the three Clifton transactions.
In one deal, Ross Group Holdings acquired 1 Lisbon Street, a 245,951-square-foot former manufacturing facility built in 1955, for $9.65 million. Ross, a reverse supply chain solutions company, will consolidate its workforce under one roof.
“This sale of this facility — the former manufacturing plant for a vacuum bag manufacturer — is a great example of a manufacturing-plant space being taken over by more of a service-based business,” Perkins said
PJ Freedom LLC acquired 23 Carol Street, a 39,600-square-foot warehouse and distribution facility, for $2 million. The distribution company is relocating from Garfield. Tom Palestina, a principal at Palestina Scrivo Properties, Inc., represented the buyer in the transaction.
“As PJ Freedom Realty looked to relocate, the company sought out a facility of higher quality and better layout than its current location,” said Lundberg. “However, it was also important to find a building that is not too far from the buyer’s current location so that the company could maintain its workforce.”
Duran Cutting Corporation signed a long-term, 29,000-square-foot lease at 93 Entin Road, a 256,800 square-foot warehouse and distribution facility. The apparel contract cutting provider is relocating from Passaic. Jeff Chaus, a principal at Chaus Realty, represented the tenant.
“Duran Cutting looked at many buildings, but found 93 Entin Road to be an ideal fit due to its size and location,” Cohorsky said. “The company was previously based in a multi-story building. This lease puts the workforce on one floor.”
In Jersey City, Bussel Realty arranged a 111,000-square-foot lease with Atlantic USA Holdings to fill the last third of Eden Wood Realty‘s warehouse facility at 150 Pacific Ave., which has a total of 350,000 square feet. Bussel’s David Posner represented the landlord in the transaction with the public warehouse operator.
“150 Pacific Avenue’s immediate proximity to I-78, the Holland Tunnel and the Port of Newark/Elizabeth provides Atlantic USA Holdings with the access needed for its customers to reach the Port and Manhattan quickly,” Posner said.
(See previous story on the indusrial market in the first quarter here.)