CBRE Announces the Sale of 115 Moonachie Avenue
CBRE Announces the Sale of 115 Moonachie Avenue
Moonachie, NJ, December 18, 2012 – Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group collaborated with Bill Waxman of CBRE’s Saddle Brook office to represent Russo Development on the sale of 115 Moonachie Avenue in Moonachie, NJ. The team was also responsible for procuring the buyer, Cornerstone Real Estate Advisers. Kevin Miller, Vice President – Acquisitions, acted for Cornerstone Real Estate Advisors and Omer Mir Ahmed, Senior Vice President – Acquisitions for Russo Development, represented the ownership.
115 Moonachie Avenue is a 168,800± SF modern generation industrial building located in the Meadowlands, one of institutional owners’ preferred industrial markets in the nation. The property was 100% leased to three tenants at the time of sale and anchored (60%) by Lindenmeyr Munroe, one of the largest privately held global paper companies. This superior quality industrial property with highly functional distribution space is one of only eleven buildings (2.8 million SF) constructed since 2000 illustrating the high barriers to entry for an investor in the Meadowlands and long term intrinsic value for modern properties in this market.
Constructed in 2000 by Russo Development, known for high quality construction standards and prominent curb appeal, the Property features 28’ ceiling heights, 60’ x 72’ column spacing, one dock per 6,750 SF with levelers, ESFR sprinkler system and brick clad façade in a park like setting with manicured landscaping. Located in the center of the Meadowlands submarket, 115 Moonachie maintains a strategic location highlighted by its adjacency to Teterboro Airport, exceptional access to New York City (7 miles) and Port Newark/Elizabeth (14 miles) and its regional connectivity to I-95 (NJ Turnpike) and I-80.
Jeff Dunne commented “This offering provided Cornerstone with the rare opportunity to acquire a modern generation industrial building in one of the most highly sought after industrial markets in the country. The scarcity of core investment offerings in New Jersey and specifically the Meadowlands should cause Cornerstone to realize long term appreciation with this trophy industrial property.”
About the CBRE New York Institutional Group
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: The LockWorks, a 329-unit trophy apartment community located
in Stamford, CT; Garden City Square, a 293,390± SF medical office and retail property
in Garden City, NY; the International Trade Center Industrial Portfolio, an eight-building 1.2± million SF portfolio located in Mount Olive, NJ; 5901 West Side Avenue, a
296,730± SF office building located in North Bergen, NJ; 200 Plaza Drive, a 249,863± SF LEED certified office building located in Secaucus, NJ; and a 56,966± SF cross dock trucking terminal in Queens, NY net leased to the largest bakery company in the United States.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About Russo Development
Russo Development is one of the most experienced developers of mission critical and industrial facilities in the New York Metropolitan Area, which has built, owns and manages over 3 million square feet of space for clients such as Credit Suisse, NYSE Euronext, JP Morgan Chase, Office Max, Macy’s, and SunGard Availability Services among others. During its forty (40) year history, it has completed over sixty (60) build-to-suit projects in northern New Jersey. Russo is a fully-integrated real estate and construction firm with in-house site planning, architecture, civil engineering, construction management, general contracting, site excavation, and property management capabilities. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region.