Holliday Fenoglio Fowler LP, announced that it has closed the $7.77 million sale of 463 Barell Ave., a 71,745-square-foot, value-add industrial building in Carlstadt.
The HFF team marketed the property on behalf of the seller. Penwood Real Estate Investment Management LLC purchased the asset.
Situated on 3.5 acres in the Meadowlands industrial submarket, the property features two loading doors, six drive-in doors, 14- to 21.5-foot clear heights, wide column spacing and ample parking.
Located minutes from the New Jersey Turnpike/Interstate 95; Routes 3, 17, 46, 1 and 9; and Interstate 80, the property provides direct access to Midtown Manhattan. Additionally, it is less than 15 miles from Port Newark-Elizabeth, the largest containerized deep-water shipping terminal on the East Coast.
The HFF team working on the assignment included Senior Managing Director Jose Cruz; Directors Jordan Avanzato, Marc Duval; and Associate J.B. Bruno, as well as Senior Managing Director Kevin O’Hearn and Senior Directors Steve Simonelli and Michael Oliver.