Little Ferry, NJ — NAI James E. Hanson announced they have completed the sale of a vacant 41,000 s/f warehouse at 200 Liberty St. in Little Ferry. The sale will enable CVS Pharmacy to construct a 15,655 s/f store at the location. NAI Hanson’s Gary Sauerborn represented the seller, Liberty St. Realty in the transaction.
With over 9,700 retail locations throughout the United States, CVS Pharmacy is able to offer a wide range of medical services and products aimed at increasing access to quality care, delivering better health outcomes and lowering overall health care costs.
The redevelopment site at 200 Liberty St. features easy access to Bergen County’s dense residential areas with close proximity to Rtes. 17 and 46, I-80 and the New Jersey Turnpike. Located in the heart of downtown Little Ferry at the intersection of Liberty St. and Redneck Rd., the redevelopment site at 200 Liberty St. offered CVS the ideal combination of accessibility, visibility, and population density that CVS looks for in redevelopment opportunities.
“When marketing a property like this, it is important for the broker to think outside of the box in terms of future uses,” said Sauerborn. “Although the zoning and construction at this site made continued industrial tenancy seem like the most opportunistic usage, we recognized that the location and accessibility made for a perfect opportunity for a retail operator. This recognition enabled us to properly market the site and negotiate a deal a prime purchase price in line with fair market value for an asset of this type.”
In a second transaction, NAI James E. Hanson has brokered the lease for 25,190 s/f of industrial space at 190 Jony Dr. in Carlstadt. NAI James E. Hanson’s Eric Demmers and Russ Verducci represented the tenant, Amazing Vitamins, LLC, in the transaction.
190 Jony Dr. is a 102,012 s/f industrial building located minutes from the Lincoln Tunnel and George Washington Bridge with easy access to Rtes. 1, 3,9,17, and 46 as well as the New Jersey Turnpike. At 25,190 s/f, Unit A boasts 22’ ceilings, two interior loading doors, one drive-in, and 3,971 s/f of office space. The unit provides Amazing Vitamins with an optimal space to expand their manufacturing and distribution capabilities to better serve their growing customer base in the area.
“2018 began in much the same way as 2017 ended in regard to industrial demand in the Meadowlands,” said Demmers. “We have continued to see substantial demand across industrial property types and sizes as a wide range of tenants search for quality opportunities within the market, particularly in well-located towns like Carlstadt. Our substantial experience in this market has enabled us to work with prospective tenants to help them navigate a highly competitive leasing environment and negotiate deals that will allow their companies to continue to grow.”