Cushman & Wakefield Arranges Sale of 504KSF Industrial Asset
- Jan 10, 2017
Linden, N.J.—Cushman & Wakefield has arranged the sale of 340 Stiles St., in Linden, which traded from 500 West Edgar LLC to Seagis Property Group. Chuck Fern represented the seller and procured the buyer for the 504,000-square-foot industrial building. Seagis also brought on Fern’s team as leasing agent.
Located on Route 1/9, the property offers potential rail access, is just a 10-minute ride from the port and the Goethals Bridge and a 20-minute ride from the Verranzano-Narrows Bridge. The new ownership has commenced a multi-million-dollar renovation of the building, which is scheduled for completion in spring 2017.
Renovating plans include new roofing, entrances, building facades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T5 lighting. Seagis will regrade and pave nearly 13 acres of parking, creating abundant new trailer and automobile parking spaces, and upgrade the landscaping and fencing throughout the site. The Property has CSX rail service, which can be reactivated for a specific user.
“At completion, 340 Stiles Street will be elevated to a truly Class A facility…given the property’s outstanding location, we anticipate strong interest and a fast lease-up by users seeking quality accommodations close to Port Newark-Elizabeth and major regional thoroughfares,” Fern, said in a statement.
Image via Google Street View