Bussel Realty Corp. announced a trio of deals this week in Somerset and Union counties.

In Bridgewater, the Edison-based industrial and retail real estate services firm sold an approximately 200,000-square-foot industrial complex for $37 million.

Located at 568 Central Ave. on about 24 acres, the property is comprised of five industrial buildings. It features a large, active rail infrastructure with seven railroad slips capable of handling approximately 135 rail carts; eight parking areas; 12 overhead cranes; heavy power; and onsite transformers. According to BRC, the property’s low coverage ratio of industrial property to acreage makes it ideal for outdoor storage and trailer parking.

BRC’s Anthony Rittwage and Matthew Phillips, of The AI Group, and Jordan Metz, of the Metz Industrial Team, represented the seller – Central Avenue Corp. – and the buyer – 568 Central Avenue LLC – in the transaction.

“550-568 Central Ave. represented a rare opportunity for a strategic buyer given the distinct features of this industrial rail site. We created a competitive bidding environment leveraging our AI platform, which secured multiple aggressive offers from very niched buyer profiles,” Rittwager said in a prepared statement.

“While complexities certainly surfaced, our specialty of viewing challenging situations in novel ways ensured great success for all stakeholders,” he added. “It was a sincere pleasure representing both buyer and seller in this transaction, which ultimately maximized the seller’s return and marks a major tactical location for Dana Transport Inc.‘s liquid bulk distribution network of over 60 locations throughout North America.”

Leasing

Further down in Somerset, Bussel announced Sept. 1 it leased 103,264 square feet at 1100 Randolph Road to Perth Amboy-based metal roofing and gutter manufacturer Englert Inc.

Rittwager, Phillips and Metz also represented the landlord in this transaction, JWH Real Estate Holding Corp. The tenant was represented by Cushman & Wakefield.

Rittwager said Bussel was able to attract competitive bidding for the location through the teams’ use of data aggregation and predictive analytics, resulting in several offers for the property.

“Our marketing platform and tenant evaluation process led to a long-term excellent-credit occupant who will be investing considerable capital to create their largest global distribution hub,” he said in a statement.

1100 Randolph Road is a 207,192-square-foot property located directly off of Exit 10 on Interstate 287. It features 27-foot ceiling heights, 8,000 amps of electric power, 10 tailboard and 26 trailer stalls.

According to Rittwager, the Englert lease helped to solidify ownership’s decision to construct an additional 102,393 square feet of space with 36-foot clear heights that is expected for delivery in the second quarter of 2023.

The success of the two Somerset County deals, he said, “further substantiates our bullish outlook on Somerset’s industrial market.”

Over in Roselle Park, Bussell announced Aug. 31 that Steve Jaynes, an industrial specialist and one of the firm’s leading tenant and landlord brokerage representatives, secured 4,000 square feet of space at 169 E. Highland Parkway.

Jaynes represented both the landlord, MM NJ Realty LLC, and the tenant, P&I Global Tire, in the transaction.

Overall, the industrial property boasts 16,500 square feet, 17-foot-high ceilings, 200 amps of electric power, three drive-in doors and gas heat. The facility is near I-287 and the Garden State Parkway.

“It was a pleasure to represent our client, MM NJ Realty LLC in locating an ideal tenant for 169 E. Highland Parkway,” Jaynes said. “The property’s location and features are perfectly suited for P & I Global Tire’s business and clients in the area.”