Avison Young said Oct. 18 that its New Jersey office arranged the sale of Paper Mart’s warehouse and distribution center at 151 Ridgedale Ave. in East Hanover
The 187,013-square-foot building was purchased by New York-based REIT Urban Edge Properties as part of the company’s strategy to acquire value-driven properties with the potential for lease up, expansion and redevelopment.
Avison Young Senior Vice Presidents Matthew Turse and Timothy Cadigan and Associate Grant Otto represented Paper Mart, while Tom Consiglio and Scott Peck of Resource Realty represented Urban Edge Properties.
“This is a unique disposition where the seller is selling the property back to the entity from whom it was originally purchased in 1978,” said Turse. “Acquiring back 151 Ridgedale Ave. presented Urban Edge Properties with the opportunity to own all of the commercial assets on the block and further their investment strategy of purchasing assets in high barrier-to-entry markets.”
The property at 151 Ridgedale Ave. spans a 9.17-acre site and has served as Paper Mart’s headquarters, as well as its warehouse and distribution facility, for its paper and office supply products since it was acquired it from Vornado, now Urban Edge Properties, in 1978.
The location allows for quick highway access with Newark airport, Port Newark/Elizabeth, the Lincoln Tunnel, Port Jersey and the George Washington Bridge all under 30 miles away.
Family-owned and operated since 1940, Paper Mart specializes in paper products and envelope selection and usage. In addition to providing papers, envelopes, labels, card stocks, and other related products, Paper Mart also provides a variety of custom printing, cutting, and finishing services to businesses and consumers.