LINDEN & KEARNY, NJ — Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, announced that senior vice president Jordan Metz leased 76,556 s/f of industrial space in two new leases in Kearny and Linden.
Philadelphia Truck Lines leased 47,670 s/f at 2401 East Linden Ave. in Linden. Metz represented the landlord, Penwood Real Estate Investments, in the transaction. Jackson Cross Partners in Wayne, PA, represented the tenant. Blossom Kitchen Bath Supply leased 28,886 s/f at 1250 Newark Tpke. in Kearny. Metz represented both the landlord, Heller Industrial Parks, and the tenant in this transaction.
“Philadelphia Truck Lines was one of several bidders vying for the newly-renovated space at 2401 East Linden Ave., an asset I sold Penwood two years ago,” said Metz. “Having signed new long-term leases with the other two tenants in the building this year (both food companies), this new Philadelphia Truck Lines deal brings the asset to 100 percent stabilization. This is a textbook example of an investor acquiring a value-add asset in a choice location, infusing the necessary capital towards building upgrades and renovations, implementing a strong marketing plan, and leasing out the spaces to quality tenants paying historically high lease rates. I’m proud to have played an integral role in helping to facilitate this successful outcome.”