NAI James E. Hanson sells five industrial buildings in Meadowlands submarket

Listen to this article

Hackensack-based commercial real estate firm NAI James E. Hanson announced Wednesday it represented R.J. Purcell Associates in the sale of five industrial buildings located in the Meadowlands submarket.The NAI Hanson team of Jeffrey DeMagistris, vice president; Thomas Vetter, SIOR, vice president; and Nicholas Herrick, SIOR and associate, represented the seller in the transaction.  Financial terms were not disclosed.

According to the announcement, Sitex, the new owner, plans to modernize the Carlstadt-based buildings and reposition them to be more attractive to companies seeking space in the submarket.  Two of the five buildings are already occupied.

It’s incredibly rare to have an opportunity to purchase an entire portfolio of properties in the ever-tightening Meadowlands industrial market,” Vetter said in a prepared statement. “The new owner has a history of repositioning older industrial facilities to make them more attractive to a wider range of tenants. Companies seeking industrial space close to New York City will surely be attracted to the renovated buildings.”

NAI Hanson has been hired by Sitex to oversee leasing of the facilities, which spaces range in size from 23,400 to 39,832 square feet, according to a press release.

ALSO ON NJBIZ:

Feds OK $47 million for N.J. offshore wind project amid clash with state regulators

Most-read May 7: Cigna: 20 years of disability claims data reveals emerging workforce productivity challenges

Panasonic, Unique Photo altering the face of retail marketing