S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Bussel Realty Corporation represents tenant, E-ZCARGO Inc. Glick & Leonelli of Sheldon Gross Realty negotiate the 43,159 s/f building lease in Old Bridge, NJ
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Glick notes. “What really mat- ters is a successful outcome, and that’s what all parties got with this transaction. The property was significantly upgraded, and now the tenant has a location ideally suited to its needs.” A short drive from the Garden State Pkwy. and only a few miles from the New Jersey Tpke., the Old Bridge property is ideally suited to provide quick access to all direc- tions. It’s less than 90 minutes from Center City Philadelphia, and only an hour from midtown Manhattan. Newark Liberty International Airport and the Port of Newark both are only 30 minutes away. MAREJ
Leonelli . The new tenant was represented by Bussel Realty Corporation . The 43,159
LD BRIDGE, NJ — An industrial structure and prop-
erty in Old Bridge has been leased by freight- forwarding c omp a n y E-ZCARGO Inc., in a deal brokered by She ldon Gross Re-
s/f building sits on a 9.94 acre lot at 3220 Borden- town Ave., and provides more than four acres of industrial outside stor-
Jonathan Glick
Matthew Leonelli
alty executive vice president Jonathan Glick and assis- tant vice president Matthew
age. As background, Sheldon Gross Realty listed and sold the property to Brentwood Realty of Elmwood Park, NJ in 2022, after which both the structure and acreage under- went a yearlong refurbishment.
3220 Bordentown Ave.
It was then marketed for lease, with the result being the con- tract with E-ZCARGO.
“Some deals are more com- plicated and take longer to come to fruition than others,”
MARCH 2024
HI-LIGHTS
Keefer and his team at Hinerfeld Commercial Real Estate will handle leasing of property Industrial Investments enters NEPA industrial market with Stafford Avenue Business Park acquisition
SPOTLIGHT
SCRANTON, PA — CBRE announced the sale of the Staf- ford Avenue Business Park, a
to make additional acquisi- tions in Northeast PA in the near future. Thank you to the team at CBRE. They were a pleasure to work with.” The business park is cur- rently 90% occupied. Anchor tenants include Bazooka, Dal-Tile, Progressive Insur- ance, Autopart International, and Omnicare. Financing for the transaction was provided by TriState Capital Bank of Pittsburgh. Leasing at the property will be handled by Griff Keefer and his team at Hinerfeld Commercial Real Estate of Throop, PA. About Hinerfeld Commercial Real Estate The roots of Hinerfeld Com- mercial Real Estate reach back to 1934, making the firm one of the oldest continuously operating real estate compa- nies in Northeastern Penn- sylvania. They surpass clients’ expectations through experi- ence, knowledge, integrity and influence. Hinerfeld is a leader in the brokerage of all types of commercial and industrial real estate in the seven-county Northeast Pennsylvania mar- ket, serving international, national, regional and local clients. MAREJ
Northern New Jersey
three-build- ing light in- dustrial com- plex located in Scranton. An affiliate of Industri- al Invest- ments Inc. , of Blue Bell, acquired the
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Crow Holdings celebrates next chapter for 25 Market St. Elmwood Park
Griff Keefer
portfolio from CEP Family LLC for $6.5 million through a competitive bid process that produced several of- fers and demonstrates that smaller industrial offerings remain attractive to local and regional investors. The CBRE team of Steve Marzullo, Adam Silverman, Michael Hines and Joe Hil l spearheaded the marketing of the asset and represented CEP Family LLC in the negotia- tions. Industrial Investments, Inc. was represented in-house by John Bown, III, and Christopher Bown . “This was a unique and very attractive opportunity to acquire a well-leased light in- dustrial business park located along I-81 in Scranton with
Stafford Avenue Business Park
extremely limited competition in the surrounding Northeast PA market,” said Marzullo. “The property already pro- duces strong cash flow, but with healthy demand in the market for smaller light indus- trial spaces, the buyer has the ability to capture significant upside through increasing rents as tenants roll.” Situated on an 11.75-acre site, the Stafford Avenue Busi- ness Park is comprised of three buildings ranging in size from 27,000 s/f to 40,500 s/f, for a total of 108,000 s/f The three buildings are well maintained and have 19’-21’ clear ceilings, 40’x 45’ column spacing, a mix
of tailgate and drive-in load- ing, and ample parking. The complex is centrally located in Scranton and is less than a mile from Exit 182 off I-81. The offering included approxi- mately 5 acres of additional land that can potentially be used for industrial outdoor storage or future development. This is Industrial Invest- ments’ first acquisition in Northeast PA. “We are very excited to expand our portfolio and break into a new market,” said John Bown, III. “We have had our eye on the Northeast PA industrial market for a few years now and finally found the right opportunity. We hope
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ALSO INSIDE Pennsylvania..............9-BC-B People on the Move....... 12B UPCOMING SPOTLIGHTS
• SOUTHERN NJ • SOUTHEASTERN PA • Spring Preview
Contact Lea Christman For more info: lea@marejournal.com
www.marej.com
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