NAI Hanson Completes Sale of 210,009-SF Industrial Building in Teterboro, N.J.
NAI HANSON COMPLETES SALE OF 210,009-SF INDUSTRIAL BUILDING IN TETERBORO, N.J.
- Chicago-Based Private Equity Firm Acquires Second Industrial Property This Year -
NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the sale of 125 and 200 Central Avenue, a 210,009-square-foot industrial complex in Teterboro, N.J.
Sitex Realty Group, LLC, a Chicago-based fully integrated private equity firm that specializes in real estate investment and property management, purchased the site.
A 104,213-square-foot facility, 125 Central Avenue has 9,640 square feet allocated for office space, a 42-foot ceiling height and 19 loading docks. A 105,796-square-foot facility, 200 Central Avenue has 4,418 square feet of office space, a 22-foot ceiling height and 25 loading docks.
NAI Hanson Senior Vice President Gary P. Sauerborn and Vice Presidents Jeffrey W. DeMagistris and Thomas A. Vetter represented the owner, John Landers, ESQ, of the Marschall Warehouse Company, in this transaction.
“Sitex selected this building due to its excellent quality and prime location,” DeMagistris said. “We have established a relationship with this growing company and hope to help them in the future as they expand in the New Jersey industrial marketplace.”
Earlier this year, NAI Hanson worked with Sitex during the sale process of 255 Highland Cross, a 22,100-square-foot industrial building in Rutherford, N.J., which was the firm’s first purchase in the state.
“This was another exceptional opportunity for us to expand our holdings in the competitive New Jersey marketplace,” said Brian D Milberg, Principal at Sitex. “We expect we will continue on this acquisition pace and partner with NAI Hanson on future deals.”
Sitex has assignedDeMagistris andVetter to oversee leasing for 125 and 200 Central Avenue. Planned improvements include upgraded sensored lighting, new office buildout, updated bathrooms, expanded car parking and new loading dock doors. The improvements are expected to contribute to a 20-percent saving in electric costs.
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.
# # #