NAI Hanson Negotiates Sale of 13,560-Square-Foot Building in Newark, N.J.
Newark, N.J. (June 1, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, has arranged the sale of a 13,560-square-foot industrial building located at 65 Euclid Avenue in Newark, N.J. NAI Hanson’s Scott Perkins, SIOR, Chris Todd, Eric Demmers, and Russell Verducci represented the seller, 65 Euclid Avenue, LLC, in the sale to Montique International, Inc. represented by Isaac Newman of Gramercy.
The two-story building features 11,888 square-feet of 14-22’ clear warehouse space and 1,672-square-feet office space on the second floor. The building is equipped with a locker room, cafeteria style breakroom, state-of-the-art security monitoring and access systems, one loading platform with a heavy weight leveler and ten parking spaces. Located less than one mile from the New Jersey Turnpike with direct access to New York City via the George Washington Bridge and only minutes from Routes 280 and 9, the property is ideally suited for distribution and warehousing.
Since 1993, Montique International has been a leading designer and manufacturer of high-end menswear. Based in Brooklyn since its inception, Montique International had been searching for a new location that offered them flexibility and ease of access to distribution networks to reach its customers. 65 Euclid Avenue presented the perfect relocation opportunity as the owner was looking to sell and the current tenant will be exercising its option to terminate its lease early. Montique International will lease the space back to the current tenant to accommodate both its relocation needs as well as the tenants.
“We have seen a large number of businesses relocate from Brooklyn to locations on the west side of the Hudson River,” said Perkins. “Newark is a highly attractive location as it offers great accessibility with highly competitive property prices making it a good time for our client to sell the property and bring a new, growing business to Newark. Through our negotiations we were able to facilitate a lease back to the existing tenant to enable the relocation of the current tenant and the new owner.”
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