PARSIPPANY, NJ—Hudson News Distributors, the world’s largest operator of newsstand concessions in major airports and transit facilities, has acquired 701-705 Jefferson Road, a 134,790 square-foot industrial facility in Parsippany, after leasing the property for about 18 months. Bonni Heller, associate director for Cushman & Wakefield,represented Hudson News. Scott Perkins of NAI Hanson represented the seller, Jofra Realty.
Perkins tells GlobeSt.com exclusively that Hudson News originally saw the building at a time when it was selling its larger North Bergen facility and looking for temporary space while it determined what its future needs would be.
“They weren’t sure where they needed to be, but they needed to be somewhere short-term,” Perkins says. “The deal that we struck was that they would lease for two years with the option to buy, and after operating there for over a year and a half, they decided they wanted to exercise the purchase option.”
The acquisition caps a process that began in 2013 when Heller, who has represented the company’s real estate interests for more than two decades, arranged the lease at 701-705 Jefferson Road. Heller teamed with colleagues Richard Baumstein, and Cushman & Wakefield Metropolitan Area Capital Markets Group team members Andrew Merin and Gary Gabriel – all based in the firm’s East Rutherford, NJ, office, in the sale of the former location.
“The Jefferson Road property was a perfect fit for Hudson News’ new, streamlined operations, providing the ability to operate on a 24/7 basis,” says Heller. “When the opportunity to acquire the property arose, it made perfect sense for the company to come full circle and purchase it.”
701-705 Jefferson Road sits on 8.3-acres and boasts 18 loading tailgates, six drive-ins, 122 parking spaces and 22-foot ceiling clear height allows for large companies to maximize their operations. The property offers direct access to Interstates 287 and 80, as well as convenient access to Routes 46 and 202.
The facility had previously been a distribution facility for Coca-Cola, says Perkins.
“As the largest distributor of magazines and books in the Northeast, Hudson News will be able to look at this investment as an opportunity to continue to grow in revenue and its prominent market position locally, nationally and globally,” says Perkins.