Zimmel: Adjacent Clark commercial buildings sell for $11M

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A pair of adjacent Union County buildings representing a cumulative more than 75,000 square feet and occupied by a name-brand tenant recently sold in Clark.

Zimmel Associates on May 30 announced the over $11 million sale of the free-standing buildings located at 133 and 159 Terminal Ave. situated within Denholtz Properties’ Clark Commercial Center.

Currently, both properties are occupied by L’Oreal USA.

According to the Edison-based commercial real estate firm, after receiving the assignment and initiating a marketing plan, the buyer – an undisclosed Zimmel client that had previously purchased a neighboring building – was secured in two weeks. The company attributed the quick turnaround to satisfaction with the prior purchase and the quality of the tenant at 133 and 159 Terminal Ave.

The properties are 100% air-conditioned with gas heat and heavy power, landscaping and ample parking.

With 41,247 square feet situated on 5 acres of land, 133 Terminal Ave. offers a mix of office and industrial space with three loading docks and clear ceiling heights of 16 feet – 16 feet and 11 inches. Positioned on 2.14 acres, 159 Terminal Ave. is a 34,106-square-foot warehouse and distribution center with three loading docks and clear ceiling heights of more than 17 feet.

L’Oreal’s leases run through July 2024, Zimmel said, at which point the global beauty company will relocate across the street to the $140 million Research & Innovation Center it’s building across the street.

Zimmel will serve as exclusive marketing and leasing agent for 133 and 159 Terminal Ave. once the properties are vacated.

“We are thrilled to have facilitated the sale of these two outstanding properties on behalf of our client,” said David Zimmel, president of Zimmel Associates, in a prepared statement. “Our team worked diligently to market the properties and attract qualified buyers, ultimately securing a deal that was a win-win for all.”

Directly located off Exit 135 of the Garden State Parkway and with access to Routes 1, 9 and the New Jersey Turnpike, the properties offer a strategic location for tenants.

More from Zimmel

• Hillside industrial building sells for $30M
• Central Jersey office building near parkway entrance sells for $7.6M