Cushman & Wakefield recently announced the trade of two Greater Port Region industrial properties totaling 200,000 square feet.
Link Industrial Properties purchased the buildings at 2401 E. Linden Ave. and 1501-1525 W. Blancke St. in Linden from Penwood Real Estate Investment Management.
Members of Cushman & Wakefield’s New Jersey capital markets team – including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin – spearheaded the property marketing and sale. Jordan Metz from Bussell Realty was also a member of the disposition team.
Totaling 84,220 square feet and 115,913 square feet, respectively, 2401 E. Linden Ave. and 1501-1525 W. Blancke St. are fully leased to five tenants.
“Some of the tenants have leases expiring in the near-term at below market rates and will provide more upside to the new ownership once stabilized at today’s numbers,” Metz said. “These buildings have always commanded top market rents and quality tenants.”
“New Jersey’s Greater Port Region has long served as a magnet for tenants and investors alike,” Schmidt noted. “This location provides momentary access to the Port of New York and New Jersey, Newark Liberty International Airport and New York City.”
Both properties are within one mile of Routes 1 and 9, just minutes from the New Jersey Turnpike and Interstates 287, 278 and 78.