NJ Industrial Building Commands $9M
- Apr 08, 2019
HFF has facilitated the $8.5 million sale of a 76,220-square-foot warehouse and distribution facility in Hamilton, N.J. The company worked on behalf of the seller, Matrix Development Group. The acquisition marks an expansion for the buyer’s—Black Creek Group—portfolio in the region.
Senior Managing Directors Jose Cruz and Kevin O’Hearn, Directors Marc Duval, Jordan Avanzato and Mark Mahasky, alongside Senior Directors Steve Simonelli and Michael Oliver, were part of the HFF team that arranged the transaction.
Located at 17 Quakerbridge Plaza Drive in the 7A Industrial submarket, the building features three dock-high doors expandable to 19, one drive-in door and 30-foot clear height. Completed in 2017, the asset is fully occupied by two tenants and is 1 mile from Exit 65A of Interstate 29. Additionally, the property is 8 miles from the New Jersey Turnpike, which provides access to the new Pennsylvania Turnpike/Interstate 95 Interchange, a $400 million infrastructure project that will connect two of the busiest highways in the U.S.
“We have not only seen healthy tenant demand in the market but continue to see the area evolve as a major industrial corridor,” said Dave Fazekas, senior managing director for the eastern region of Black Creek Group, in a prepared statement.
Also in New Jersey, HFF recently represented the seller in the $8 million disposition of an industrial building in Carlstadt. Penwood Real Estate Investment Management purchased the 71,745-square-foot asset.