Real Estate Journal — New Jersey — April 14 - 27, 2017 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey
Nevins joins company as city lead, asset services for New Jersey market Cushman & Wakefield inks $18.9 million sale of 360,000 s/f Middlesex County industrial asset
N
new role, Nevins will be re- sponsible for operations, new business development, and financial oversight of the Asset Services business in the Gar- den State. He will also focus on recruiting top industry pro- fessionals, team engagement, cultivating best practices, and executing consistent processes and procedures. With more than 25 years of experience in commercial real estate, Nevins was most recently with where he was a senior vice president, asset management & leasing. n There he was jointly respon-
ORTH BRUNS - WICK, NJ — Com- mercial real estate
services firm Cushman & Wakefield has brokered the $18.9 million, off-market trade of a 360,000 s/f in- dustrial property in North Brunswick. A private investor purchased the warehouse as- set at 1735 Jersey Ave. from Murray Construction in a value-add play. “This rail-served property benefits from ample park- ing capacity, favorable local taxes and a deep regional labor base,” said Cushman & Wakefield’s Jason Gold- man , an industrial specialist who headed the assignment with capital markets leader Andrew Merin , and other members of the firm’s NJ industrial and investment sales teams. “At the same time, it is legacy industrial – and requires a significant upgrade to bring it to current standards.” Cushman & Wakefield maintains a long-standing relationship with Murray Construction. “With the sub- tenant’s lease set to expire, Murray approached us to explore the viability of selling or renovating the property,” Merin noted. “The New Jersey industrial investment market is red-hot, with near record fundamentals and strong ten- ant demand. When Jack and his team expressed interest and the ability to take the property forward, it presented an ideal solution all around.” The NJ industrial market saw an all-time high in overall net absorption (14.9 million s/f) during 2016, and new leasing activity hit a 16-year high (30.2 million s/f), accord- ing to Cushman & Wakefield research. Vacancy remained at record low levels, ending the year at 5.0% – and just 3.4% in Middlesex County. These posi- tive fundamentals drove an- nual warehouse space asking
1735 Jersey Ave.
Commercial Real Estate Brokerage
Paterson, New Jersey 106 Units plus 2 Stores Don Baxter ext 265
Marlboro, New Jersey 90 Residential Units Daniel Lanni ext 248
Long Branch, New Jersey 63 Residential Units Daniel Lanni ext 248
rents to lev- els not seen in more than a decade. I n o t h e r Cushman & Wa k e f i e l d n e w s , a n - nounced that industry vet-
Lacey, New Jersey 96,000 SF Retail plus Land Scott Davidovic ext 290 Michael Kossak ext 240 Investment Sales Commercial Sales and Leasing Philadelphia, Pennsylvania 22 Residential Units Anthony Palmiotto ext 357 Woodbridge, New Jersey 67,000 SF Retail Center Jeff Squires ext 246
Michael Nevins
eran Michael Nevins has joined the organization as city lead, asset services for the New Jersey market. In his
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
Made with FlippingBook - Online magazine maker