Executive vice presidents Robert C. Kossar and David E. Knee, along with vice president Chris Hile of Binswanger/Klatskin, Teterboro, NJ, acted as the sole brokers for both sides in the sale. The details of the transaction were not disclosed, including the sale price, but industry sources put the price tag in the $5 million range.
Amway, the Ada, MI-based company that sells personal care and related products through a network of independent distributors, had vacated the building as excess space last summer, according to Kossar. The company had been using the building as a regional distribution center.
Situated on an 11-acre site at One Applegate Dr. here, the asset is approved for an expansion of up to 80,000 sf. The buyer, Jabb Realty, hasn't announced its plans for the facility.
"The demand for quality buildings available for sale anywhere along the New Jersey Turnpike corridor remains very high," says Kossar. "They are very difficult to find, and they sell very quickly."
And even though Amway closed the distribution center last summer, it never officially hit the market for sale.
"We were able to identify the buyer before the property reached the open market," according to Kossar. "We have been fortunate enough to uncover properties for our clients and customers before they even get exposed to the entire market."
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