(Read more on the multifamily market.)

CARLSTADT, NJ-The 113,000-sf, single-story warehouse building located at 333 Starke Rd. here has been sold for $13.8 million, a sale price that factors out to just more than $122 per sf. The seller was Baker Properties of Pleasantville, NY, the commercial division of homebuilder Baker Cos. The buyer was BlackRock, the global investment manager which has its North American headquarters in New York City.

The building is currently fully leased to Heritage Brands, a manufacturer of laundry detergents and household cleaning products that has its headquarters offices in another nearby building. The 40-year-old privately held Heritage Brands has been the sole occupant of 333 Starke Rd. since the building was built in the mid-1970s.

“The asset’s long-term stability and Meadowlands location made it an attractive opportunity that drew significant bidding competition,” says Andrew Merin of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, East Rutherford, who co-brokered the deal with C&W colleagues Jose Cruz, David Bernhaut and Gary Gabriel. “The ultimate sale price of $122 per sf attests to the strong demand, as well as to a lack of quality investment opportunities in the region this year.”

“The Meadowlands’ investment appeal stems from its position among the most competition-constrained markets for tenants on the East Coast,” Cruz says. “It offers access to Manhattan, which is just three miles away, and the main transportation corridors in Northern New Jersey.

“Seven million sf of leasing and user sales activity were recorded here during 2006,” Cruz continues. “That helped reduce the overall vacancy rate to approximately 7%.”

The building is situated on a seven-acre site in the New Jersey Meadowlands submarket. Routes 3, 17, 120 and the New Jersey Turnpike are all in close proximity.”

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