Cushman & Wakefield arranges Avenel industrial property sale
VENEL, NJ — Multiple rounds of bidding and a combined $65 million sale price for two industrial buildings in Avenel reflect continued strong investor demand for class A product in New Jersey’s Port submarket. Cushman & Wakefield’s East Rutherford -based investment sales team orchestrated the trades of 191 Blair Rd. and 215 Blair Rd. from Sitex Group to Barings Real Estate on behalf of an institutional investor. “We maintain a positive outlook on the industrial sector and are pleased to acquire these high-quality, well-located properties that offer the opportunity to add value to our investors,” said Mike Zammitti, head of U.S. Real Estate Equity for Barings Real Estate. “We appreciate the efforts made by Cushman & Wakefield and Sitex Group to close this transaction.” Located at Exit 12 of the N.J. Tpke./I-95, the sales included a fully-renovated, 175,182 s/f building and a newly constructed, 198,854 s/f building. Both structures were unoccupied at the time of marketing. “These vacant-forward sales demonstrate the sustained appeal of well-located industrial product in our region,” said Cushman & Wakefield investment specialist Gary Gabriel, who represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald. “Both buildings exhibited significant leasing interest prior to close,” Schmidt added. “Users are drawn to the properties’ Port location, highly functional building designs and site layouts that accommodate highly sought-after excess trailer parking.” The offerings drew institutional, REIT and private investors, and ultimately included three rounds of bids. In other news, Cushman & Wakefield has been named leasing agent for the country’s largest planned mass timber office building. The 500,000 s/f, 11-story tower will anchor Phase I of Lotus Equity Group’s mixed-use project proposed in Newark, named Riverfront Square. Riverfront Square will occupy the 11.8-acre site, which includes the former Newark Bears and Eagles Stadium and the site of the former Lincoln Motel. The ambitious mixed-use project, estimated at $1.7 billion, is expected to provide up to 2,000 residential units, large and small-scale retail, cultural and public open spaces, a hotel and parking spaces in the heart of Newark’s downtown, adjacent to the Broad Street Station. Designed by Michael Green Architecture, the class A building has been crafted to enhance environmental sustainability and tenant wellness. “People react differently to wood environments, including higher productivity and workplace satisfaction,” John Picco said. “The entire master plan is pedestrian centric, with five acres of open space that will blend seamlessly into the wider neighborhood.