4B — March 16 - 29, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
67,000 s/f industrial building, for $3,912,500 Metz of Bussel Realty brokers sale of 1200 West Blancke St. in Linden
inden, NJ — Bussel Realty Corp. (BRC) arranged the sale of 1200 West Blancke St. in Linden, a 67,000 s/f industrial building, for $3,912,500. Jordan Metz , senior asso- ciate of BRC, represented the owner, M. Gordon Construc- tion. Cushman and Wake- field represented the buyer, West Coast Shipping. "While we had several inter- ested parties, the asset needed significant capital improve- ments and there was a minor environmental issue which needed to be addressed, which L
caused delays to the closing," noted Metz. “Ultimately, we were able to work through the myriad issues and successfully complete the sale.” In the past 18 months, Metz has completed a string of no- table industrial asset sales, including the subject property of 67,000 s/f; 10 Production Way, Avenel (55,000 s/f); 2401 E. Linden Ave., Linden (85,000 s/f); 400 South 2nd St., Eliza- beth (115,000 s/f); 1501 W. Blancke St., Linden (120,000 s/f); 2365 E. Linden Ave., Linden (25,000 s/f); and 2300 E. Bardin Rd., Grand Prairie,
Texas (260,000 s/f) for a total of $75 million in aggregate sales. “The demand remains vora- cious for well-located industri- al facilities,” said Metz. “With the continued maturation of e-commerce in the new retail landscape, and NYC markets relocating to NJ in droves, demand is at historic high levels, while supply is severely constrained. It’s a great time to be an owner of industrial assets, and I do not anticipate that slowing down in the fors- eeable future based on these very real, basic economic fun- damentals.” n Sul l ivan named CEO of EDA TRENTON, NJ — The Board of the New Jersey Economic Development Authority (EDA) voted to approve TimSullivan as the Authority’s next CEO. “As a highly regarded pro- fessional with an established record of achievement in economic development, Sulli- van’s depth of experience and knowledge will help ensure we are able to strengthen and grow New Jersey’s economy to benefit all residents and businesses,” said Governor Phil Murphy. “Tim will be a tremendous asset to the state and I applaud the EDA Board’s decision to appoint him as the Authority’s new chief executive officer.” Sullivan most recently served as Deputy Commis- sioner of the Connecticut Department of Economic and Community Development (DECD), where he oversaw State tourism and branding, brownfield redevelopment, transit-oriented develop- ment, and waterfront initia- tives. Mr. Sullivan joined the DECD in January 2014 as director of brownfield, waterfront, and transit-ori- ented development, and be- came deputy commissioner in 2015. “We are delighted to wel- come Tim Sullivan to the EDA, ” said EDA Board Chairman Thomas Scrivo . “We look forward to work- ing with him as we continue EDA’s longstanding tradi- tion of supporting business growth in New Jersey.” Sullivan previously served as chief of staff to the New York City Deputy Mayor for Economic Development. n
1200 West Blancke St.
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