Seller Chuan Liu of South Plainfield, NJ, acquired the tracts in the 287 Business Park in the late 1980s. The South Arlington land sold after the extended market run due to the strong growth of the area in recent years on both sides of the cities' line, Greg Morris with Dunn Commercial LP in Arlington tells GlobeSt.com. Tracts in the immediate area have been selling for $2 per sf to $3 per sf.
Buyer VL Cain of Mansfield has hired Morris to pre-lease space in a project for upward of 20,000 sf while he readies the tracts at 7621 and 7645 Russell Curry Road for a ground-breaking. The office/warehouse park's primary product are smaller structures, mostly owner-occupied.
Morris, the deal's sole broker, says Cain recently sold some industrial product and deployed the gain into the land acquisition. In a series of sales over the past year, Cain has been churning the portfolio to gain newer assets.
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