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Pantheon Buys 325,000-SF Industrial

WOODBRIDGE, NJ-The building is currently vacant and the site is expandable, making the deal a value-add play for the new owner.

By Eric Peterson | Updated on January 09, 2008

(Read more on the industrial market.)

WOODBRIDGE, NJ-Pantheon Properties has acquired 1500 Rahway Ave., a 325,000-sf industrial building in the Avenel section of this Middlesex County township. The seller was Woodbridge Enterprises LP, a local group. The sale price was not disclosed.

For the New York City-based Pantheon, the pick-up is a value-add play. While much of the existing building is leased to shipping giant Maersk’s Hudd Distribution Services division, the facility is expandable to 500,000 sf either as an extension of the current facility or a new separate building.

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