Kenilworth, NJ & Midwest, — The Blau & Berg Co. has arranged the sale of two warehouses at 80-100 Market St., Kenilworth. Tamara Blau and Brad Jacobs, both senior directors with The Blau & Berg Co., represented the seller. The buyer, PSEG, was represented by Colliers.
The two adjacent warehouses were sold in an off-market deal. 80 Market St. is ± 25,000 s/f while 100 Market St. totals ± 10,000 s/f. Both locations are earmarked for demolition, as PSEG will be using the property to expand the electrical grid. PSEG will use the location to eventually add to an existing substation.
“It’s not often you see warehouses getting demolished in the Northeast,” said Jacobs. “However, for this transaction the ability to expand and better support their customers was a true power play for PSEG.
In a separate transaction, The Blau & Berg Company has arranged the lease of a ±197,000 s/f industrial space to an undisclosed freight logistics company looking to expand their reach into the Midwest. Jason Crimmins, CCIM, SIOR, Alessandro (Alex) Conte, SIOR, and Peter Murano, Jr., SIOR of The Blau & Berg Company represented the new tenant on the lease of the facility boasting 77 docks, 30’ clearance height, 164 car stalls, 34 on-site trailer parking stalls (expandable to 86) and located in close proximity to Chicago O’Hare International Airport.
Cal Payne from CBRE represented the owner, Prologis.
“This is a deal representative of how long-standing relationships can facilitate deals that might otherwise not come to fruition,” said Jason Crimmins, president of The Blau & Berg Company. “We have worked with this client before, and they trusted our intuition. Our working relationship with Prologis and CBRE allowed us to both find and secure this ideally located facility in a very short amount of time, resulting in a deal that came together much more rapidly than would have if not for our history working with all involved parties.”