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AMB Property Buys Three Properties in the Meadowlands

MOONACHIE, NJ-AMB Property has acquired three industrial-use buildings in the Meadowlands with a total of 134,197 sf. The purchase price was $7.8 million.

By Betsy Kraat | Updated on April 18, 2001

MOONACHIE, NJ-AMB Property has purchased a portfolio of three industrial buildings here in the Meadowlands from Sarofim Realty Advisors for $7.8 million. The properties are 220 Anderson Ave., which was vacant at the time of sale, 240 Anderson Rd., which is fully leased to Jolie Paper and 245 W. Commercial Avenue, which is occupied by Carlcraft Knit Sales. The three buildings total 134,197 sf.

“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.

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