(Read more on the industrial market.)

NEW BRUNSWICK, NJ-Procedyne Corp. had occupied its headquarters/manufacturing building at 11 Industrial Ave. for years, and when it came time to renew its lease, the company ended up buying the building instead. The sale price of approximately $4 million factors out to nearly $67 per sf.

The seller and now-former landlord is Industrial Avenue Realty, a local group headed by Larry Berger. The latter was represented in the transaction by Zimmel Associates of Edison, , specifically the firm’s president, David Zimmel; the buyer was represented by principals Shalom Babad and Sam Rothman.

“The timing worked to the advantage of both parties,” Zimmel says. “Procedyne, a major supplier of thermal processing systems, had been a tenant for 20 years and had a major investment in the building with regard to their overall operations. They saw the benefits of purchasing it as a time when the seller was ready to make adjustments to their real estate portfolio.” The just-sold building is situated on four acres and has a 12,000-sf office component.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.