NAI Hanson Arranges Sale of 126,000-Square-Foot Industrial Building in North Bergen, N.J. in Exclusive Listing
North Bergen, N.J. (May 4, 2017) – NAI James E. Hanson’s team of Andrew Somple, SIOR, Scott Perkins, SIOR, and Christopher Todd announces it has brokered the sale/leaseback of a 126,000-square-foot industrial building located at 7777 West Side Avenue in North Bergen, N.J. Somple, Perkins and Todd represented the buyer, Terreno Realty Corporation, and the seller, Dermarite, in this off market transaction.
“This sale is a continuance of the trend of investors searching for quality brick and mortar investment opportunities. Through this sale/leaseback arrangement, Dermarite was able to sell to Terreno and continue to occupy space while focusing on their primary business,” said Somple.
“The former owners of Dermarite recognized the benefits of this transaction and worked with NAI James E. Hanson because of our expertise. We advised them and the buyer Terreno to execute a deal that was mutually beneficial for both parties and in line with their long-term business goals,” added Perkins.
The transaction began two years ago and evolved due to the complexities of the former ownership and the sale of Dermarite’s business. Dermarite, a manufacturer and distributor of high-quality advanced wound care and nutritional supplements, had owned the building for five years and was seeking an opportunity to re-deploy their capital that was tied up in their ownership of the property. The single-story building has 20’ ceilings and offers easy access to New York City via the George Washington Bridge and Lincoln Tunnel.
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