NAI James E. Hanson negotiates sale of Teterboro, NJ industrial building to Prologis
Teterboro, NJ — NAI James E. Hanson announced that it has negotiated the sale of 111 Central Ave. in Teterboro. NAI James E. Hanson’s Thomas Vetter, SIOR, Jeffrey DeMagistris, SIOR, and Gary Sauerborn represented the seller, Marschall Partners, LP, in the transaction with buyer, Prologis, Inc.
Located six miles from the George Washington Bridge, 111 Central Ave. is a 125,500 s/f industrial building with 18,516 s/f of office space. The property features 15 loading docks, four drive-ins, 14’-16’ ceiling height, 25’x40’ columns and ample on-site parking for over 125 cars and nearly 60 trailers. In addition, the property offers convenient accessibility to Rtes. 17 and 46, I-80 and the New Jersey Tpke.
Looking to capitalize on the property’s excellent location and high-quality features, the seller tapped NAI James E. Hanson to utilize its extensive list of institutional contacts and marketing capabilities to attract a reputable buyer. Prologis, a leader in logistics real estate and owner of 52 million s/f across the tri-state area, took interest in the property’s significant car and trailer parking capabilities, part of the acquisition’s criteria. NAI James E. Hanson leveraged its expertise in closing sales with institutional investors to secure the highest market value on their client’s behalf.
“Despite the current macroeconomic conditions, we continue to see strong demand for well-located industrial properties that offer extensive parking capabilities,” said Vetter. “111 Central Ave. is a perfect example of the types of properties that institutional investors are targeting in today’s market. We’re happy to have provided the services needed to help our client and wish Prologis success with their new acquisition.”
In Rochelle Park, NAI James E. Hanson has negotiated a 1,750 s/f office space lease at 18 West Passaic St. NAI James E. Hanson’s Josh Levering, SIOR, and Jonathan Kristofich represented both the landlord, Passaic Street Associates, LLC, and the tenant, State Farm, in the transaction.
Located near the interchange of Rtes. 4 and 17 as well as the Garden State Tpke., 18 West Passaic St. is a one-story, 7,724 s/f office building with executive-covered parking and professional on-site management.
The tenant will relocate from Hackensack and utilize its new space to operate a State Farm agency and office.
“Transactions like this emphasize the importance of hiring an experienced commercial brokerage to lease available space,” said Kristofich. “Brokerages with an extensive background in the market and local contacts can open the door to a much larger pool of potential tenants. We’re proud to have helped the landlord fill space in short order while also assisting the tenant in relocating from their longtime location in Hackensack. We wish them both a successful and long-lasting relationship.”