Newmark JGT Brokers Sale of 206,000-SF Industrial Building

The transaction, arranged by Newmark JGT of Woodbridge and Rutherford, NJ, was part of a recent flurry industrial transaction activity by the firm, totaling more than 300,000 sf. "We have seen continued strong results in the industrial market," according to Stanley Simon, CEO of Newmark JGT. The firm's Doug Bansbach, Adam Silver and William J. Cariste all worked on the Springfield transaction.

In other recent deals, Bansbach and Doug Twyman of Newmark JGT teamed up to sell the 40,000-sf 950 South Second Rd. in Plainfield, NJ on behalf of South Second Street Realty Associates. The buyer was Papp Iron Works, which will move its operations to the facility from Jersey City. The building is located on a 3.5-acre site.

In Kenilworth, NJ, Safeway Steel Products signed a lease for 23,000 sf at 515 N. Michigan Ave. Ben Shapiro of Grubb & Ellis represented the tenant in the negotiations, while Jack Sievers of Newmark JGT represented the owner of the property, Newark Glass Industries Inc.

Also, a 22,000-sf lease was signed by Utility Trailer Sales at 589 Nassau St. in New Brunswick, NJ. Dave Saltzman of Newmark JGT represented both sides of the table, including property owner Kessler/601 Realty Associates. And in South Plainfield, Regency Awnings signed a lease for 20,400 sf at 3480 S. Clinton Ave. Robert Casagrande of Newmark JGT represented the tenant, which will occupy the entire facility.

In Holmdel, Bansbach, Silver and Sievers represented Metuchen Capacitors, an electronics company, in an 18,314-sf lease at Holmdel Corporate Plaza. Newmark JGT also represented the unnamed owner of the 51,000-sf facility, which currently has just under 18,000 sf of mixed use space available.

In other transactions involving Newmark JGT, Goldmark Foods, took just under 13,000 sf at 19 Jules Land in New Brunswick; Peter Gallicchio of Resource Realty represented the property owner, who was not named. And Accredited Movers signed a lease for 7,200 sf at Middlebrook Crossroads in Bridgewater, NJ, with Newmark JGT representing both the tenant and the owner, Advance Realty Group.