$12M Takes 102,000-SF Industrial

CARLSTADT, NJ-The 102,000-sf, fully leased industrial building at 190 Jony Dr. has been sold for $12 million, which factors out to nearly $118 per sf. The buyer was the San Francisco- and Dallas-based SPI Holdings, and the seller was Wilson Associates, a locally based group."SPI Holdings picked up 190 Jony as part of a 1031 exchange," says Jose Cruz, who orchestrated the deal with colleagues Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield's Metropolitan Area Capital Markets Group, East Rutherford. "They took advantage of a rare opportunity to buy a quality industrial building in this competition-constrained submarket. In fact, very little industrial space has traded statewide so far this year."Located on four acres in the Meadowlands submarket, the building houses the headquarters of Multi Dimensional Resources, a designer and maker of retail POP products. The company subleases the property in its entirety from GiftCertificates.com.The facility includes an unusually high percentage of office space for an industrial building, more than 38,000 sf altogether. Part of the 64-acre Gotham Industrial Park, it also features a full-height skylit atrium and a landscaped water garden.