Distributor Buys 138,000-SF Industrial Condo

EDISON, NJ-Atlantic Beverage Co. has acquired its headquarters location, specifically within the 514,000-sf industrial building at 3775 Park Ave. here. The wine, beer and soft drink distributor has purchased a 138,000-sf condominium unit within the building, paying $7 million, or nearly $51 per sf for the space. The company had previously leased the space.

The space was sold by joint venture partners Tulfra Realty Co. of Rochelle Park, NJ and Hampshire Partners Fund VII, an institutional real estate investment fund managed by the Hampshire Cos. of Morristown. Tulfra and Hampshire teamed to <bbuy the asset, which sits on 50 acres, in January from confectionary products maker L.A. Dreyfus Co. for an undisclosed price.

“The building features unique Art Deco architecture made famous in some of New York’s most prominent buildings, elements we fully intend to preserve,” says a Tulfra spokesman. “As with all of our properties, it has been completely renovated with quality finishes. The renovation included new and enhanced mechanicals, utilities and lighting, and landscaping.”

Tulfra and Hampshire also intend to sell the remaining 376,000 sf at 3775 Park Ave., which has been renamed Edison One Commerce Center, as industrial condo units, and W/D and light manufacturing are the target user audiences. The space is divisible to 8,600 sf, and 42,000 sf is currently listed on Tulfra’s web site as being “under contract.” The property also includes a 22,000-sf office unit with garage parking and terraces, which is being offered separately or in conjunction with warehouse space.

The condo sale to Atlantic Beverage was brokered by James Frank of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who had also orchestrated the acquisition of the property by Tulfra and Hampshire. L.A. Dreyfus, which primarily makes gum bases for parent Wrigley, had occupied the building for nearly 60 years, but left the building in 2007 after Wrigley moved the company’s headquarters and manufacturing operations to Gainesville, GA.

“This is an example of identifying an older surplus property that is highly visible, and repositioning it for better use, Frank told GlobeSt.com after the building traded in January.