S hopping C enters N ew J ersey S po light C entral Ivy Realty purchases property from Commerce SRG LLC, represented by CMG Cushman & Wakefield completes sale of 222,536 s/f industrial building

Mid Atlantic Real Estate Journal — New Jersey — February 14 - 27, 2014 — 7B


OUTH BRUNSWICK, NJ — Commercial real es tate serv i ces f i rm Cushman & Wakefield has completed the sale of 51 Com- merce Dr., a 222,536 s/f in- dustrial building located in South Brunswick. Ivy Realty purchased the property from the seller, Commerce SRG LLC, represented by Cushman and Wakefield’s Metropolitan Area Capital Markets Group (CMG). The East Rutherford CMG team included Andrew Me- rin , David Bernhaut , Gary Gabriel , BrianWhitmer and Kyle Schmidt , who worked closely with the Frank Cac- cavo/Jason Goldman team based at the firm’s Edison office. Completed in 1983, 51 Com- merce Dr. is 96% occupied by three tenants including Lenox Corporation, which operates its 54,000 s/f outlet store at the building. The property sits within the 8A Industrial Submarket at the NJ Turnpike interchange along Cranbury South River Rd. This transaction was note- worthy for a number of reasons S EDISON, NEW JERSEY — Bussel Realty Corp. (BRC) , a leading industrial real estate services firm in New Jersey, announced it has brokered the sale of 351 Route 22 in North Plainfield, New Jersey, a 14,000 s/f retail property. The property was purchased by Blitz Family Trust for $875,000 from Hom- eowner Haven. Vice president James Hodgkins of BRC was responsible for the transaction and represented the buyer. “Blitz Family Trust pur- chased the property for its investment portfolio,” com- mented Hodgkins. “351 Route 22 complements the company’s portfolio of industrial and retail properties owned throughout the state. The new buyer will reposition the property and

rent for some buyers. “It took a full-service owner/developer like Ivy Realty with experience and resources to recognize the strength and potential of the market and the opportunity at 51 Commerce Drive,” Gabriel said. “51 Commerce is an op- portunity for Ivy to utilize its skilled team to re-position and market an extremely well- located industrial property in a submarket that has seen dramatic improvement,” said David Nenner , executive vice president of Ivy Realty. Located in the geographic center of the Boston-Wash- ington DC corridor, the 8A corridor is situated 45 miles southwest of Manhattan and 60 miles northeast of Phila- delphia. This location enables distributors to reach more than 130 million consumers, one-third of the North Ameri- can population, within a one day drive. National and inter- national tenants are attracted to the submarket’s superior highway access and proximity to the New York/New Jersey ports and Newark Liberty International Airport. n

51 Commerce Drive

according to Gary Gabriel. “We had a tremendous response to the offering, given the dra- matic improvement of the 8A market since the depths of the recession.” In fact, activity in the mar-

ket overall is up according to CMG research: Exit 8A is benefitting from significantly increased tenant activity, and sales activity reached its high- est level in recent history. To highlight this trend, three

buildings greater than 800,000 s/f were sold at 8A for an aver- age of $85.98 per s/f in 2013. However, the building had a number of short-term leases when the seller placed it on the market. This was a deter-

Hodgkins of Bussel Realty Corp. brokers sale of 351 Route 22 in North Plainfield, New Jersey

re-tenant the property with a retail and/or office user.” Located directly off of Route 22, 351 Route 22 is surrounded by national retailers and mul- tiple apartment dwellings. Situated on 1 acre, the 14,000- s/f retail property offers 4,000 s/f of retail space, 4,000 s/f of office space on the second floor and 6,000 s/f of warehouse. Over 58,000 vehicles pass the site daily, which is adjacent to a 1 million s/f regional mall. With one of the largest indus- trial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm, locat- ed in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR) n

351 Route 22, North Plainfield, NJ

Made with FlippingBook - Online catalogs