M id A tlantic Real Estate Journal — New Jersey — February 2023 — 3B
www.marej.com
N ew J ersey
Perkins, Todd, and Ericksen represent landlord in Carlstadt transaction NAI James E. Hanson & Cushman & Wakefield negotiate lease for 79,076 s/f of industrial space
ERGEN COUNTY, NJ — NAI James E. Hanson announced the lease of 79,076 s/f of indus- trial space at 100 Industrial Rd. in Carlstadt. NAI James E. Hanson’s Scott Perkins, SIOR, CCIM, Chris Todd, SIOR and William Ericksen, CCIM , represented the land- lord in the transaction with the tenant, AxleHire, who was rep- resented by Robin Dodson, Stephen Elman, SIOR, and John McManus of Cushman & Wakefield . Located on the eastern edge of Bergen County, 100 In- dustrial Rd. is a 142,815 s/f industrial building featuring 21’ceiling height, 21 tailgates, 110’ of truck court depth and ample on-site parking. Utilizing its innovative mar- keting strategies and on-the- ground presence, NAI James E. Hanson was able to help its client find a reputable ten- ant in the highly competitive northern New Jersey industri- al market. AxleHire will utilize the new space’s proximity to the area’s major trucking Rtes. to expand its presence within the New York City metro area. “Competition continues to be fierce for well-located indus- trial properties with access to the major trucking Rtes. in the New York City metropolitan area,” said Perkins. “Tenants with last-mile delivery needs continue to dominate the mar- ket and have placed landlords in an advantageous position to maximize the values of their assets. We’re happy that our experience within the market provides the solutions needed to bring these deals across the finish line and provide value for our clients.” In a second transaction, NAI James E. Hanson announced the sales of 359 and 375 Main St. in Hackensack. NAI James E. Hanson’s Jonathan Kristo- fich, Michael Walters, SIOR, and Cameron Silverstein , were retained by the seller, Westwood 20 Realty, LLC, and procured the buyer, 359 Main Street Partners, LLC. Strategically located at the corner of Main and Passaic Streets, the 1.06-acre, two- lot assemblage is in both the Downtown Main Street Reha- bilitation Zone and a Qualified Opportunity Zone (QOZ). In January 2022, the property was site plan approved for 110 residential units. B
and assumption, the 375 Main Street seller, Mekava Re- alty Associates, LLC , also provided an additional 90-day extension to allow NAI James E. Hanson to jointly market the properties as a site plan- approved project. Leveraging their deep experience in the market and creativity, NAI James E. Hanson procured a buyer to simultaneously close on both properties in an all- cash transaction. “This transaction exem- plifies the tenacity that is required to be a real estate broker, especially when rep-
resenting sellers of redevelop- ment sites,” said Kristofich. “After two years in contract, we were back at square one. Rather than walk away, our client placed a tremendous amount of faith in our team to assume the 375 Main Street contract, coming out of pocket for more than $150,000 to do so. Through a determined ef- fort, we were able to procure a buyer, negotiate an as-is contract and help the buyer satisfy their concerns to close this site in a timely fashion. We look forward to the ground- breaking in 2023.” MAREJ
100 Industrial Rd. in Carlstadt
In June 2022, the initial de- veloper canceled the contract. At that time, NAI James E. Hanson was able to negoti- ate and secure an assignment and assumption agreement
allowing Westwood 20 Realty, LLC, to assume the 375 Main Street contract and take re- ceipt of the developer’s plans and due diligence material. Along with the assignment
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