The deal was arranged on behalf of the seller by senior vice presidents Michael Markey and Jonathan Tesser, and associate Adam Citron of Colliers Houston & Co., Teaneck, NJ, in conjunction with Mike Taylor of Lincoln Property Co.'s Edison, NJ office. The buyer, which intends to use the building for distribution purposes, was represented by Joel Lubin and Chuck Fern of Binswanger/Klatskin, Teterboro, NJ.
"The interest level to purchase this property was extraordinary," according to Tesser. "We had serious buyer interest from a number of companies that were having difficulty finding a quality distribution facility in this tight market."
The building, which was originally developed by DKM Construction, sits on a 17-acre site in the NJ Turnpike Exit 8A market. The terms of the transaction, including the sale price, were not disclosed, but industry sources estimate that the building traded for a number in the vicinity of $10 million.
"We have seen a real surge in interested buyers in Northern and Central New Jersey over the last 18 months, and now the leasing market is beginning to strengthen," Markey says. "The Exit 8A industrial submarket alone has gone from a 20% vacancy rate eight months ago to 10% today."
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