Cushman & Wakefield Closes New Jersey Warehouse Sale
- Nov 24, 2020
Cushman & Wakefield has brokered the sale of a 100,627-square-foot industrial property in Carlstadt, N.J. The company assisted the seller, Sitex Group, and sourced the buyer, Realterm. The brokerage team included Vice Chairman Gary Gabriel, Executive Vice Chairmen David Bernhaut and Chuck Fern, Managing Directors Kyle Schmidt and Thomas Tucci, along with Associate Director Ryan Larkin.
The facility previously traded in March 2019, when Nash Distributors sold it for $20 million, according to Yardi Matrix data. CIBC Bank USA provided a $14.1 million acquisition loan to Sitex Group at that time.
Located on 6 acres at 801 Washington Ave., the single-story warehouse was completed in 1981. The property has three grade-level doors, 12 loading bays, a cold storage component and a 2-acre parking lot. A credit tenant occupies the building under a lease expiring in 2029.
The property is within 10 miles of Midtown Manhattan, 3 miles from Interstate 95 and Teterboro Airport. A number of major companies operate in the immediate vicinity, including Amazon, Coca-Cola Bottling Co. and IMEX Global Solutions.
Realterm’s acquisitions are focused on high flow-through (HFT) facilities, according to the company’s Associate Vice President of Investments Ben Andreycak. In May, the firm closed Realterm Logistics Fund III, a $370 million fund that invests nationwide in this asset type.