6B — September 2023 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
Thomas Vetter, SIOR, Jeffrey DeMagistris, SIOR, and Gary Sauerborn represents the seller NAI James E. Hanson negotiates sale of Teterboro, NJ industrial building to Prologis
ETERBORO, NJ — NAI James E. Han- son announced that it has negotiated the sale of 111 Central Ave. in Teterboro. NAI James E. Hanson’s Thomas Vetter, SIOR, Jeffrey DeM- agistris, SIOR, and Gary Sauerborn represented the seller, Marschall Partners, LP, in the transaction with buyer, Prologis, Inc. Located six miles from the George Washington Bridge, 111 Central Ave. is a 125,500 s/f industrial building with 18,516 s/f of office space. The property features 15 loading docks, four T
Jeffrey DeMagistris
Thomas Vetter
Gary Sauerborn
111 Central Avenue
drive-ins, 14’-16’ ceiling height, 25’x40’ columns and ample on-site parking for over 125 cars and nearly 60 trailers. In addition, the property offers convenient accessibility to Rtes.
17 and 46, I-80 and the New Jersey Tpke. Looking to capitalize on the property’s excellent location and high-quality features, the seller tapped NAI James E. Hanson to
utilize its extensive list of insti- tutional contacts and marketing capabilities to attract a repu- table buyer. Prologis, a leader in logistics real estate and owner of 52 million s/f across the tri-
state area, took interest in the property’s significant car and trailer parking capabilities, part of the acquisition’s criteria. NAI James E. Hanson leveraged its expertise in closing sales with institutional investors to secure the highest market value on their client’s behalf. “Despite the current macro- economic conditions, we con- tinue to see strong demand for well-located industrial proper- ties that offer extensive park- ing capabilities,” said Vetter. “111 Central Ave. is a perfect example of the types of proper- ties that institutional investors are targeting in today’s market. We’re happy to have provided the services needed to help our client and wish Prologis success with their new acquisition.” In Rochelle Park, NAI James E. Hanson has negotiated a 1,750 s/f office space lease at 18 West Passaic St. NAI James E. Hanson’s Josh Levering, SIOR , and Jonathan Kristo- fich represented both the land- lord, Passaic Street Associates, LLC, and the tenant, State Farm, in the transaction. Located near the interchange of Rtes. 4 and 17 as well as the Garden State Tpke., 18 West Passaic St. is a one-story, 7,724 s/f office building with execu- tive-covered parking and profes- sional on-site management. The tenant will relocate from Hackensack and utilize its new space to operate a State Farm agency and office. “Transactions like this em- phasize the importance of hiring an experienced com- mercial brokerage to lease available space,” said Kristo- fich. “Brokerages with an extensive background in the market and local contacts can open the door to a much larg- er pool of potential tenants. We’re proud to have helped the landlord fill space in short order while also assisting the tenant in relocating from their longtime location in Hackensack. We wish them both a successful and long- lasting relationship.” MAREJ
Transactions YTD OUR FAVORITE
ADDRESS
CITY
SIZE (sf) 165,090 125,500 80,000
2501 71st Street 111 Central Avenue
North Bergen
Teterboro
2 Dedrick Place
West Caldwell
1099 King Georges Post Road Edison
66,015 32,895 32,000 26,900
1 Pearl Court
Allendale
99 Murray Hill Parkway 235 Murray Hill Pkwy
East Rutherford East Rutherford
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