Metz of Bussel Realty Brokers Sale of 2401 East Linden Avenue in Linden, New Jersey
EDISON, NEW JERSEY (July 27, 2016) – Jordan Metz, vice president, at Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, has arranged the sale of 2401 East Linden Avenue in Linden, New Jersey, a 82,000-square-foot industrial asset.
The sales price for the transaction was $9.1 million. The buyer was Penwood Real Estate Management LLC and the seller was 265 Pennsylvania Realty, LLC. Metz represented the buyer and the seller in the transaction. This is the fifth industrial investment asset Metz has sold over the past 12 months, totaling over $40 million in aggregate sales/lease volume.
“The Ports market is experiencing strong, unparalleled demand, compounded with an historically low vacancy and inventory, resulting in a tremendous amount of competition which has led to some of the highest sale and lease prices that we've ever seen,” commented Metz. “With the continued explosion of growth in the e-commerce sector, and with institutional fund money chasing any well-located asset in these markets, buildings like 2401 East Linden Avenue commanded interest from a myriad of buyers.”
2401 East Linden Avenue is a fully stabilized net-leased building, with three tenants in the food and pharmaceutical sectors, one of which, Ultimate Foods, signed a new five-year lease on approximately 20,000 square feet with Penwood as it took ownership. Metz represented both the tenant and Penwood in that lease transaction as well.
“We chose to sell to Penwood Real Estate Management, which is a testament to its managing director Howard Freeman, who was instrumental in completing this complex transaction,” Metz continued.
2401 East Linden Avenue is a fully-leased industrial property totaling 82,000 square feet and located near Exit 13 of the New Jersey Turnpike and Route 1-9. The property features 5,000-square-foot offices, 21-foot clear ceilings heights, ten loading docks, and a new paved parking lot, doors and HVAC system. Located in the heart of the Ports market, the property offers easy access to Port Newark/Elizabeth and Newark Liberty Airport as well as the Goethals Bridge to Staten Island.
About Penwood Real Estate Management LLC
Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a registered Investment Adviser based in Hartford, CT. Penwood combines experienced investment management with the local market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in the Global Gateway markets of Southern California and New York/New Jersey due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey.