The seller was United Capital, a Great Neck, NY-based real estate investment and management firm. Both sides in the transaction were represented by Martin Kreiman, senior vice president in the Edison office of Binswanger/Klatskin. The latter firm maintains its headquarters in Teterboro.
The buyer was also represented by Steven Fleissig of the law firm of Herrick & Feinstein. The sale price was not disclosed; however, industry sources estimate that the building traded for a number in the $30-million range.
Because CNC Associates will, at least for the time being, utilize less than one-sixth of the building, the rest of the space will be leased to other tenants. And Kreiman has already taken care of 240,000 sf of that space. In separate lease signings, he's been able to bring steel manufacturer Ware Industries (130,000 sf), as well as Real Time Delivery (110,000 sf), a warehouse and trucking company, into the building.
"We were able to meet the needs of each client involved in this complicated series of transactions," Kreiman says. "CNC Associates required space that would satisfy its manufacturing needs, and was attracted by the building's numerous advantages. With the building scheduled to receive a number of physical upgrades, we were successful at bringing new tenants to the facility as well."
Terms of the leases were not disclosed; however, average-asking rents for similar product in the I-287/Middlesex County submarket are currently a shade under the $5 per sf mark, according to various industry reports. And the market's industrial vacancy rate is less than 10%.
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