Iconic Former Regina Vacuum Building Sold by Bussel Realty
The Regina Company produced a variety of music boxes before being driven into bankruptcy by the rise of the phonograph. It began focusing on production of vacuum cleaners in the 1930s.
EDISON, NJ—Art Scroll 313 Regina Avenue LLC has acquired 313 Regina Avenue, the former Regina Vacuum Building, in Rahway, NJ, a 256,000-square-foot industrial facility, for $19.75 million in a transaction brokered by Bussel Realty Corp.
Originally the Regina Music Box Company, the firm specialized in music boxes until it was forced out of business by the popularity of the phonograph in the 1920s. It resurrected in the 1930s producing canister vacuums, according to Wikipedia.
BRC’s David Blitt, senior vice president, Robert Sager, senior vice president, and James Hodgkins, vice president, represented the seller and Joel Katz of Katz & Sterling represented the buyer.
“While we were arranging the sale of 313 Regina Avenue, our BRC team was also the leasing agent for the property,” says Blitt. “Prior to the deal closing we were able to lease the final remaining units, providing the new owner a 100-percent stabilized asset. We believe the solid New Jersey industrial market is a great investment for firms looking for stable returns.”
Occupying four acres, 313 Regina Avenue is located near Exit 12 of the New Jersey Turnpike with access to Routes 1 and 9. The property has 28-foot ceilings, four tailboards, seven loading docks, heavy power and one drive-in door. It is one and half miles from a New Jersey Transit rail station with direct Midtown Manhattan passenger service.