According to Avison Young, the only existing refrigerated space available for lease in North Jersey has a new owner.
On March 21, the New Jersey office of the commercial real estate company announced it arranged the sale of 149 New Dutch Lane in Fairfield, a 39,800-square-foot industrial property with 30,500 square feet of refrigerated warehouse space.
Krieger
Avison Young Senior Vice Presidents Matthew Turse and Timothy Cadigan represented the buyer, Longpoint Realty Partners LP. AY Senior Vice President Marc Krieger, meanwhile, represented the seller, FP Holdings. Financial terms of the deal were not disclosed.
According to AY, Longpoint Realty also retained Turse, Cadigan and Krieger — who are all based in the firm’s New Jersey office — to exclusively lease the property.
Turse, left, and Cadigan
The single-tenant building at 149 New Dutch Lane is situated on the corners of Fairfield Avenue and New Dutch Lane, with direct access to Routes 46, 80 and 23.
“The buyer of 149 New Dutch Lane was attracted to the building’s strategic location bordering multiple thoroughfares and the opportunity to bring in a new occupant, which puts them in a favorable position as demand continues to intensify in New Jersey’s industrial market,” Turse said in a statement. “Additionally, the building … will appeal to a wide range of warehouse and last mile users.”
In its Industrial Market Report for the Fourth Quarter of 2021, Avison Young found the overall vacancy rate for the state’s industrial sector continued to decrease during the fourth quarter, hitting a 20-year low of 2.3%. Meanwhile at 3.0%, absorption in 2921 was as high as it has been since 2001.
