The buyer was 1448 McCarter Highway LLC. Terms of the sale, including the sale price, were not disclosed. Industry sources estimate that the building traded for a number in the $2 million range.
"Negotiations were delayed for more than a year, while the necessary environmental clearances were met," according to Levine. "That allowed us to secure two tenants to lease the remaining space, as the new owner would only be occupying half of the total space available."
Specifically, the buyer will utilize 25,000 sf for its manufacturing and warehouse requirements. Federal Autocat Recycling, an auto parts recycling company, has leased a total of 18,000 sf, and AccuTime, a furniture warehousing company, has taken 10,000 sf. Levine repped the new owner in both transactions.
"These two tenants were able to occupy the facility under Jeryco Plastics' ownership until the sale was complete," according to Levine.
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