Cushman & Wakefield Awarded Agency for North Bergen Industrial Property
NORTH BERGEN, N.J. July 10, 2013 – Cushman & Wakefield has been named exclusive agent for 5903 Westside Avenue in North Bergen. The four-story industrial building, owned and occupied by Hudson Media and utilized as the headquarters of the company’s Hudson News Distributors division, is available for sale or lease.
The assignment is being spearheaded by the East Rutherford, N.J.-based team of Bonni Heller and Richard Baumstein, who are marketing the property for sale or lease to potential users. Additionally, Andrew Merin and Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group are pursuing sales to investors/developers.
The facility totals 612,000 square feet, including 475,000 square feet of industrial and office space and a 137,000-square-foot structural mezzanine. Constructed in 1987 on 22.725 acres as a build-to-suit for Liz Claiborne, it was subsequently renovated in 1998 and 2007. The location provides frontage with significant signage opportunities on the eastern spur of the New Jersey Turnpike. It is also immediately west of Routes 1 and 9, just 10 minutes from Manhattan and 15 minutes from Newark Liberty International Airport, and accessible to the Port of Newark/Elizabeth.
“The building will be delivered vacant and is being offered for sale or lease in its entirety,” said Heller. “While it is predominantly an industrial facility, it has an abundant amount of office space and is unique because of its size and scope and phenomenal location. There is a limited amount of similar space available for sale in this market, and there is also the perception that the land may be more valuable than the existing building, offering the potential for redevelopment.”
“Industrially zoned sites in Northern New Jersey are in scarce supply,” said Gabriel. “This offering provides a significant opportunity for value creation for a user or investor alike.”