Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, today announced its arranged the sale of 1200 West Blancke Street in Linden, New Jersey, a 67,000-square-foot industrial building, for $3,912,500.
Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, today announced its arranged the sale of 1200 West Blancke Street in Linden, New Jersey, a 67,000-square-foot industrial building, for $3,912,500. Jordan Metz, senior associate of BRC, represented the owner, M. Gordon Construction. Cushman and Wakefield represented the buyer, West Coast Shipping.
"While we had several interested parties, the asset needed significant capital improvements and there was a minor environmental issue which needed to be addressed, which caused delays to the closing," noted Metz. “Ultimately, we were able to work through the myriad issues and successfully complete the sale.”
In the past 18 months, Metz has completed a string of notable industrial asset sales, including the subject property of 67,000 square feet; 10 Production Way, Avenel (55,000 square feet); 2401 E. Linden Avenue, Linden (85,000 square feet); 400 South 2nd Street, Elizabeth (115,000 square feet); 1501 W. Blancke Street, Linden (120,000 square feet); 2365 E. Linden Avenue, Linden (25,000 square feet); and 2300 E. Bardin Road, Grand Prairie, Texas (260,000 square feet) for a total of approximately $75 million in aggregate sales.
“The demand remains voracious for well-located industrial facilities,” noted Metz. “With the continued maturation of e-commerce in the new retail landscape, and New York City markets relocating to New Jersey in droves, demand is at historic high levels, while supply is severely constrained. It’s a great time to be an owner of industrial assets, and I do not anticipate that slowing down in the forseeable future based on these very real, basic economic fundamentals.”
Sitting on 4.2 acres of land, 1200 West Blancke Street is a 67,000-square-foot industrial property located off Route 1-9 and near Exit 13 of the New Jersey Turnpike, the Goethals Bridge and Newark Liberty Airport.
Although 1200 West Blancke Street needed approximately $40-per-square foot in building improvements, it drew the attention of several users and investors. “West Coast Shipping was awarded the deal because they acted quickly and the sale was not subject to financing,” noted Metz. “In today’s industrial world, while price is important, sellers are focusing more and more on negotiating the other terms of the sale, i.e., shorter due diligence, deals not subject to financing (cash purchases), and fewer contingencies overall. Buyers understand that there is tremendous competition in the market and as a result, are responding by providing more aggressive terms in an effort to swing a deal their way.”
About West Coast Shipping
West Coast Shipping is a well-known logistics company that was established in 2007. Their main specialty is the international transport of vehicles to various countries.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey.