J.P. Plunkett, senior director at Cushman & Wakefield, represented the owner and procured the buyer in the transaction. The warehouse/distribution building, which has 11% office space, is situated on 6.44 acres and can be expanded by approximately 25,000 sf. The building, which is located near Route 495, has a 28 foot clear ceiling height, one drive-in door, four van loading docks and ten dock height doors. The warehouse has 58 skylights.
The deal is indicative of the industrial market in the suburbs, which remains relatively unscathed. While the office market continues to struggle to fill its space, the industrial market continues to experience low vacancy rates. According to fourth quarter statistics for 2002, the availability rate for industrial space in the suburbs was 9.7% as compared with 21.9% availability rate for office space.
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