4B — July 15 - 28, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Lapides of Bussel reps. seller in $6.7m sale in Avenel Stephen Nozza and John Cascio of Bussel Realty broker $7.5m sale
OUTH PLAINFIELD, NJ — Bussel Realty Corp. (BRC) , a leading industrial real estate services firm in New Jersey, announced its arranged the sale of 111 Somogyi Court in South Plain- field, New Jersey, a 64,990 s/f industrial asset. BRC senior vice presidents Stephen Nozza and John Cascio represented the owner, Vision Industries, which sold the property for $7.5 million. The buyer, Tyler Wayne LLC, was represented by Howard Weinberg of JLL . “Vision Industries took ad- vantage of strong market con- S
111 Somogyi Court
2323 Randolph Ave.
ditions in selling 111 Somogyi Court which was ideally suited for the new owner’s business,” said Nozza. “Tyler Wayne LLC is expanding their operations from Alabama and will utilize the facility to service its clients in the metro area, in particular those in New York City.” 111 Somogyi Court is a 64,990 s/f industrial building situated on 6.02 acres. The property features 3,000 s/f of offices, 20- foot clear ceiling heights, 10 tailboards, seven drive-ins and two rail doors for loading, and 1,200 amps of electric power. Its located in close proximity to Rte. 287 with connections to the New Jersey Turnpike, Rte. 1 and 440, as well as the Garden State Parkway. AVENEL, NJ — Bussel Realty announced its arranged the sale of 2323 Randolph Ave. in Avenel, a 79,988 s/f multi- tenanted industrial asset. The sales price for the trans- action was $6.7 million. The buyer was IPT Acquisitions LLC and the seller was Bailey Industries. BRC senior vice president Earl Lapides was the broker representing the seller in the transaction. “IPT Acquisitions purchased the property due to its great location near the ports and Newark Liberty Airport, and since it is near full occupancy,” noted Lapides. “Northern New Jersey’s proximity to metro New York markets makes the property an ideal investment as users continue to seek quality industrial space in Avenel and surrounding markets.” 2323 Randolph Ave. is lo- cated near highly-sought after Exit 12 of the New Jersey Turnpike. The multi-tenanted building offers high ceilings, tailboard loading, abundant parking, heavy power and wet sprinklers. n
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