Global owner and manager of high flow through logistics facilities Realterm engaged NAI James E. Hanson earlier this year with an eye toward continuing the growth of its New Jersey portfolio.
To that end, on Oct. 31, the firm announced it negotiated the sale of 880 Paterson Plank Road and 890 Paterson Plank Road in East Rutherford to the Annapolis-based company on behalf of the buyer.
Located on 2.6 acres, 890 Paterson Plank Road is a 36,5000-square-foot industrial building with 20-foot ceilings, four loading docks and two drive-ins. Next door, 800 Paterson Plank Road is a 5,000-square-foot service building on 1.8 acres.
Financial terms of the acquisitions were not disclosed.
In the beginning of 2022, Realterm – which boasts a current portfolio valued at more than $13 billion, according to the company – enlisted NAI Hanson’s Team Perkins & Todd, consisting of Senior Vice President Scott Perkins, Vice President Chris Todd and Associate Vice President William Ericksen, to negotiate the acquisition of 975 E. Linden Ave. in Linden — a 12,000-square-foot industrial building.
Building on that experience, NAI Hanson said the client again tapped Team Perkins & Todd to negotiate the East Rutherford deals.
“As the New Jersey industrial market only gets larger and more sophisticated, we are increasingly seeing a growing interest in specialty subsectors like high flow through logistics facilities,” Perkins said in a statement. These facilities aid the movement of freight, not its storage.
“In such a tight market, finding suitable properties that align with investors’ increasingly specific needs is often difficult,” Perkins continued. “Fortunately, highly experienced brokerage teams with on-the-ground presences like ours can be a tremendous asset in helping companies like Realterm find suitable properties.”
In the third quarter of 2022, NAI James E. Hanson reported the Meadowlands submarket saw vacancy rates of 2.1%. One of the top sales for the period was based in East Rutherford: EverWest Real Estate Investors LLC’s $37 million acquisition of the 117,000-square-foot home of Diamond Chemical.