At the end of the second quarter, Newark had the tightest industrial submarket in the state. And amid its cityscape, industrial outdoor storage space is also in high demand. On Oct. 3, Cushman & Wakefield announced the sale of a property that speaks to that demand.
The 5.6-acre industrial development site located at 52-90 Amsterdam St. was acquired by Daybreak Express. Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin, Will Gerlin and Tom Tucci represented the seller, a joint venture of Grandview Partners and Capital Development Partners, and procured the buyer in the transaction.
Financial terms were not disclosed.
The property sits at the crossroads of Interstates 95 and 78, less than 5 minutes from Porter Newark and Newark Liberty International Airport. According to the firm, the positioning makes it ideal for capitalizing on port traffic and the scarcity of outdoor spaces for storage.
“The sale of 52-90 Amsterdam illustrates the continued investor demand for industrial outdoor storage (IOS) despite the uptick in interest rates over past 90-120 days,” Schmidt said in a statement.
Schmidt and Gabriel were part of a team that arranged the sale of an industrial site in Linden, announced at the end of the summer, that encompassed 78,000 square feet of space across two buildings in addition to 2 acres of IOS.i