Woodbridge Township Industrial Building Trades for $19.4M
“There was great interest in this asset given its location and current use,” Cruz said. “It’s a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metro park submarket.”
WOODBRIDGE TOWNSHIP, NJ—A fully-leased light industrial building at 190 Wood Ave. South here has changed hands in a deal valued at $19.35 million.
Brokerage firm JLL, which marketed the Middlesex County property on behalf of the seller that is fully leased to CBS Broadcasting Inc, reports that the building on 7.72 acres was purchased by an undisclosed buyer.
Completed in 1982 and renovated in 2019, 190 Wood Avenue South is a one-story light industrial building with a lower level, a 24-foot ceiling height, two dock-high doors and two drive-in doors.
The property is located within the 34.5-acre Metropark Office Campus that provides access to some of the state’s major commercial routes, including Route 1 and Interstates 95 and 28
The JLL Capital Markets team that represented the seller included senior managing director Jose Cruz, directors Marc Duval and Jordan Avanzato and associate Grace Braverman.
“There was great interest in this asset given its location and current use,” Cruz said. “It’s a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metropark submarket.”
The property is located approximately 30 miles from New York City and in the Garden State Parkway/Perth Amboy Industrial submarket. The Port Newark/Elisabeth Marine Terminal is 18 miles from the property, and Newark Liberty International Airport is 15 miles away.