14A — January 11 - 24, 2013 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
OONACHIE , NJ — Jeffrey Dunne , Kevin Welsh and Dunne, Welsh, Schulz and Waxman rep the buyer CBRE announces 168,800± s/f sale of 115 Moonachie Ave. M
Brian Schulz of CBRE’s New York Institutional Group collaborated with Bill Wax- man of CBRE’s Saddle Brook office to represent Russo De- velopment on the sale of 115 Moonachie Avenue in Moon- achie, NJ. The team was also responsible for procuring the buyer, Cornerstone Real Es- tateAdvisers . Kevin Miller , vice president – acquisitions, acted for Cornerstone Real Estate Advisors and Omer Mir Ahmed , senior vice presi- dent – acquisitions for Russo Development, represented the
115 Moonachie Avenue
168,800± s/f modern genera- tion industrial building located in the Meadowlands, one of institutional owners’ preferred industrial markets in the na- tion. The property was 100% leased to three tenants at the time of sale and anchored (60%) by Lindenmeyr Munroe, one of the largest privately held global paper companies. This superior quality indus- trial property with highly func- tional distribution space is one of only eleven buildings (2.8 million s/f) constructed since 2000 illustrating the high bar- riers to entry for an investor in the Meadowlands and long term intrinsic value for modern properties in this market. Constructed in 2000 by Russo Development, known for high quality construction standards and prominent curb appeal, the Property features 28’ ceil- ing heights, 60’ x 72’ column spacing, one dock per 6,750 s/f with levelers, ESFR sprinkler system and brick clad façade in a park like setting with mani- cured landscaping. Located in the center of the Meadowlands submarket, 115 Moonachie maintains a strategic location highlighted by its adjacency to Teterboro Airport, exceptional access to New York City (7 miles) and Port Newark/Eliza- beth (14 miles) and its regional connectivity to I-95 (NJ Turn- pike) and I-80. Jeff Dunne commented “This offering provided Cornerstone with the rare opportunity to acquire a modern generation industrial building in one of the most highly sought after indus- trial markets in the country. The scarcity of core investment offerings in New Jersey and specifically the Meadowlands should cause Cornerstone to realize long term appreciation with this trophy industrial property.” n
ownership. 115 Moonachie Avenue is a
CELEBRATING OUR 106 TH YEAR
Investment Real Estate Brokerage.
60,000± SF Mixed Use Passaic, New Jersey Robert Squires ext 287
22,765± SF Retail Center Toms River, New Jersey Daniel Lanni ext 248
39 Residential Units Ambler, Pennsylvania Barry Waisbrod ext 272
32 Residential Units East Orange, New Jersey Joni Sweetwood ext 273
15 Residential Units & 3 Retail Paterson, New Jersey Joseph Keenan ext 256
12 Residential Units Jefferson, New Jersey Joseph Keenan ext 256
multifamily. retail. office.
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
Made with FlippingBook - Online Brochure Maker