Metz of Bussel brokers $4.4 million sale in Metuchen, NJ
METCHUEN, NJ — Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, announced its arranged the sale of 230 Liberty St. in Metuchen, a 41,500 s/f industrial asset. The sales price for the transaction was $4.4 million. The buyer was Barry Feldheim and the seller was NYS Collection. BRC vice president Jordan Metz was the broker representing the seller in the transaction.
“As has been the trend in many of my deals over the past several years, and for our market as a whole, the purchaser is an e-commerce/third-party logistics firm relocating from Brooklyn and will occupy the entire space." said Metz. “My client, NYS collection, implemented better distribution channels in its retail/ecommerce sunglasses business over the past several years, and no longer needed the space. Given current market conditions, it happened to be the perfect time to sell the asset, which they had purchased less than 10 years ago," commented Metz.
“We had backup buyers as well, several of whom were companies based in Brooklyn, which further indicates the incredible strength our New Jersey markets are experiencing, once again. It’s a direct result of the further consolidation and extinction of warehousing in New York's boroughs."
230 Liberty St. features high ceilings, abundant parking and 25% office space. The building had undergone an extensive gut renovation of both the interior and exterior seven years ago, which helped position it as a very unique asset in a market already thin on inventory that is available for sale. Industrial vacancy rates in this market are currently reported to be at or below 1%. The property’s location provides immediate access to I-287 and is near the New Jersey Turnpike, Route 1-9, 440, Garden State Parkway and the Outerbridge Crossing to Staten Island and Brooklyn.