Cushman & Wakefield arranged the sale of two industrial properties located in Midland Park in Bergen County.
The real estate services firm announced the $11 million transaction, which covers a total 38,500 square feet, June 3. The final sale price amounts to $285 per square foot.
As unprecedented demand continues in the Garden State industrial sector, rents have ticked up in kind. According to Cushman & Wakefield’s First Quarter 2022 Industrial Report, over the course of 2021, rents increased by 29.8%. Then, they jumped another 10.2% quarter over quarter in Q1 of this year. Over the past three years, the average warehouse rent grew by 63.9%.
“156 & 176 Greenwood Ave. represented a rare low-coverage Bergen County opportunity,” said Kyle Schmidt, who represented seller VanRock Properties in the transaction, along with Gary Gabriel and Seth Zuidema.
“This opportunity provides the purchaser with income stability, being fully leased to two long-term tenants in a market with high barriers to entry and very limited product with excess parking,” he added.
The team also procured the buyer, Bassen Properties.
Situated on 3.84 acres, 156 and 176 Greenwood Ave. is comprised of two recently renovated buildings that feature new HVAC units, enhanced façades and parking upgrades. The location offers access within minutes to Routes 208, 17 and 4, and is proximate to Interstates 287 and 80 and the New Jersey Turnpike.