SBWE Brokers Sale of Six Properties for $70M

SBWE senior VPs Irv Weiss and Gary Capetta did all six transactions on behalf of both buyers and sellers. The first deal involved a 120,000-sf mixed-use building at the Greenville Yards Industrial Park in Jersey City, sold by developer Barrett Builders to Summit Import Corp., an importer of Asian foods. The build-to-suit facility includes 20,000 sf of office space.

The duo then negotiated a sale involving the same buyer/seller combination, but with the roles reversed. In this case, a group of investors led by Barrett Builders' president Tom Barrett bought Summit's former facility, an eight-story, 180,000-sf warehouse building at 415 Greenwich St. in Manhattan.

"Early on, we became aware that the Greenwich Street property would play a key role in our negotiations with Summit and Barrett," Weiss explains. "Barrett wanted to acquire the property, and they made this a proviso to the Greenville Yards deal."

Weiss and Capetta brokered two other deals at Greenville Yards, including the sale of a new 137,000-sf cold storage warehouse to Preferred Freezer Services. Barrett performed the build-to-suit for the frozen food distribution company. Preferred also signed a deal to have Barrett build a 40,000-sf distribution facility at the site for MCST Preferred Transportation and MCST Preferred Logistics, wholly-owned subsidiaries of the company.

In Edison, NJ, meanwhile, Weiss and Capetta brokered the sale of a 210,000-sf warehouse at Raritan Center by TA Associates Realty to Associated Developers, a pension fund investor. The deal required negotiating a buyout agreement with the building's existing tenant, National Distribution Centers.

And in South Brunswick, NJ, the two brokered the sale of a new 240,000-sf distribution center by Principal Insurance to Alco Industries, an importer of housewares and related items. Alco will use the facility at 111 Melrich Rd. for its headquarters and distribution operations.