Real Estate Journal — New Jersey — March 16 - 29, 2018 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey
- Top NJ Developers to Discuss the State of the Market - 26 th Annual Developer’s Night March 26, 2018 | 5:00pm - 8:00pm | Marriot Glenpointe - Teaneck
Submarkets seeing strong interest Cushman & Wakefield inks FranklinTwp. industrial sale F RANKLIN TWP., NJ — A two-building industrial asset in Franklin Twp.
Please join us and engage with over 300 CRE Industry Professionals for a night of networking, dinner and a “State of the Market” panel discussion moderated by David Simson, Vice Chairman Newmark Knight Frank. Panelists Include: Jeff Milanaik - Partner, Bridge Development Ben Rosen - Vice President, Duke Realty John Saraceno Jr. -Managing Principal Onyx Equities Kevin Welsh- Executive Managing Director, Newmark Knight Frank
has traded in a $15 million sale orchestrated by Cushman & Wakefield’s East Rutherford investment sales team. Greek Development purchased 400 & 500 Apgar Dr. from High Street Realty ; the 170,500 s/f, “last-mile” asset is 91% oc- cupied by 11 tenants. The institutional-quality property garnered notable investor interest, according to Cushman & Wakefield’s Gary Gabriel , who represented the seller and procured the buyer with team members Andrew Merin, David Bernhaut, Bri- an Whitmer, Kyle Schmidt and Andrew MacDonald , supported by industrial leasing specialist Andrew Siemsen . “400 & 500 Apgar Dr. are slocated within a mixed-use business park less than one mile from I-287 Exit 12, of- fering exceptional labor ac- cess and proximity to the NJ Tpke./I-95 and the East Coast’s largest port,” Schmidt said. “This property historically has enjoyed high occupancy and tenant retention rates. It offers stable cash flow and upside via increasing rents to market and leasing two vacant units.” Additionally, NJ’s 287 indus- trial submarket is benefiting from historic fundamentals, which is raising its profile, ac- cording to MacDonald. The 287 Corridor has seen a marked decrease in available space, with the vacancy rate declining from 5.4 to 1.8% as of Q4 2017. “This asset was a good fit for our portfolio and our strat- egy of long-term investment,” said David Greek , director of acquisitions, Greek Develop- ment . “We feel the Franklin submarket will continue to experience strong growth in the near future and the unit sizes in these buildings represent a niche of the industrial market that is currently underserved.” “As space tightens all along the NJ Tpke., the Upper 287 region has become increasingly popular among industrial ten- ants and investors alike,” Mac- Donald said. “They are capital- izing on the region’s location along the Boston/Washington DC. corridor, just 40 miles southwest of Manhattan and 60 miles northeast of Philadelphia – enabling distribution to more than 130 million customers and one third of the nation’s popula- tion within one day’s drive.” n
Members: $110, Non-Members: $160
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400 & 500 Apgar Drive
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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