NAI Hanson Closes Sale of 31 Vreeland Avenue in Totowa, N.J.
— Food Companies Seek Out New, Modern Space That Remains in Short Supply —
TOTOWA, N.J. (May 30, 2013)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the sale of a 27,120-square-foot, bank-owned property at 31 Vreeland Avenue in Totowa, N.J. The sale price was just under $2 million.
NAI Hanson Sales Associate Russell J. Verducci represented the seller, Boiling Springs Savings Bank. The new owner, DNG RE USA Corp., intends to use the site for the distribution of balsamic vinaigrette, with a possibility of manufacturing on the site in the future.
“The property’s high ceiling height was a driver of the sale, and the new owners plan to install bulk silos,” Verducci said. “The building is located in a great suburban market. Food companies have been actively seeking space, and many are interested in modern buildings, which are few and far between.”
The “as-is” transaction was an all-cash deal. The property needs “a fair amount of work” before it can be occupied, according to Verducci.
Built in 2008 and zoned Class B food processing, the building is located within the Route 46/23/3 industrial cluster. The single-tenant, two-story site is on a 1.35-acre tract of land and has 21,000 square feet on the ground floor and 6,000 square feet on the mezzanine level. Features and amenities include ceiling heights ranging from 20 to 30 feet, 58 surface parking spaces, three exterior loading docks and one drive-in.
“DNG currently has offices in Metuchen and has been using public storage space for warehousing purposes,” Russexplains. “This enables us to keep many facets of the business under one roof.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.