"The Meadowlands has become the preferred location for firms seeking modern industrial space within minutes of Manhattan and all area highways," says Gary Gabriel of the Financial Services Group. During the past 12 months, available supply in the region has dropped 27%, driving asking rental rates from $5.86 per sf to $6.68 per sf.
Gary Gabriel, along with Andrew Merin, David Bernhaut and Jose Cruz, worked on the sale. The seller was a pension client of Sarofim Realty Advisors in a closed-end fund. "The opportunity was also ideal for AMB Property, which has been aggressively acquiring property in the Meadowlands in the past several years," Gabriel says.
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