Linden, NJ — Bussel Realty Corp. (BRC)arranged the sale of 1200 West Blancke St. in Linden, a 67,000 s/f industrial building, for $3,912,500. Jordan Metz, senior associate of BRC, represented the owner, M. Gordon Construction. Cushman and Wakefield represented the buyer, West Coast Shipping.
"While we had several interested parties, the asset needed significant capital improvements and there was a minor environmental issue which needed to be addressed, which caused delays to the closing," noted Metz. “Ultimately, we were able to work through the myriad issues and successfully complete the sale.”
In the past 18 months, Metz has completed a string of notable industrial asset sales, including the subject property of 67,000 s/f; 10 Production Way, Avenel (55,000 s/f); 2401 E. Linden Ave., Linden (85,000 s/f); 400 South 2nd St., Elizabeth (115,000 s/f); 1501 W. Blancke St., Linden (120,000 s/f); 2365 E. Linden Ave., Linden (25,000 s/f); and 2300 E. Bardin Rd., Grand Prairie, Texas (260,000 s/f) for a total of $75 million in aggregate sales.
“The demand remains voracious for well-located industrial facilities,” said Metz. “With the continued maturation of e-commerce in the new retail landscape, and NYC markets relocating to NJ in droves, demand is at historic high levels, while supply is severely constrained. It’s a great time to be an owner of industrial assets, and I do not anticipate that slowing down in the forseeable future based on these very real, basic economic fundamentals.”