The deal was arranged for Ashley Furniture by Dan Frankel, a principal of Newmark Real Estate of New Jersey, based in Woodbridge. Chuck Fern and Joel Lubin of Binswanger/Klatskin, Teterboro, NJ, spoke for owner Principal Life. The specific details of the transaction were not made available.
The facility will consolidate three existing warehouse/distribution locations in the region for the 50-year-old, Arcadia, WI-based Ashley Furniture, which sells its various product lines of upscale home furniture through its own Ashley HomeStores as well as through independent retailers. The company's new facility will also "accommodate the company's future growth," according to Frankel.
The signing comes "after a nearly three-year-long search for the right warehouse facility to meet the operational and growth needs of our client," Frankel explains. "This particular facility is situated within New Jersey's most sought-after industrial marketplace at Exit 8A, which is already home to such companies as Volkswagen, Canon and FedEx Ground, to name a few."
Ashley's new building, which the company expects to occupy shortly, is located on a site of just over 17 acres. The asset's features include 32-foot clear ceiling heights, 24 tailgates, parking for 94 trailers and 13 rail doors, according to Frankel.
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