In 2008, a joint venture of Tulfra Realty Company, LLC and Hampshire Properties purchased the site from L.A. Dreyfus; Cushman & Wakefield orchestrated the transaction as seller representative. Tulfra subsequently served as in-house representative for 3775 Park Ave.
"Atlantic Beverage found itself in a unique situation as the only tenant at 3775 Park Ave. at the time of the building's sale," says Cushman & Wakefield's James Frank, who headed the team representing Atlantic Beverage. "This particular property is ideally suited for the company--rather than relocate, our client took advantage of the opportunity to own its facility.
"The purchase, itself, flies in the face of the current financing crisis," Frank adds. "This is an example of a good tenant with good credit that was able to fund a deal at an aggressive rate. In fact, multiple banks competed for Atlantic Beverage Company's business."
The new ownership is repositioning the asset as industrial condominiums, which may signal a larger movement toward chopping up industrial space. "People don't want as much warehouse space, so these large industrial buildings are getting sliced up in smaller components, which can then be leased or turned into condos. This makes them much more marketable in today's world," says Joel Ives, a partner at Fair Lawn-based Ives, Schier & Lesser Architecture Studio.
"This sale proves the viability of the industrial condominium concept in the Edison/287 market," says Lindsay Tulp, director of marketing at Tulfra Realty Company. "Remaining units range from 10,000 to 102,000 square feet, which includes 26,000 square feet of office space, a beautiful art deco lobby, five tailgate loading docks and an underground parking garage."
The property is located near the intersection of Oak Tree Road on nearly 50 acres, spanning the towns of Edison and South Plainfield. From 1948 until early 2007, the building was occupied by L.A. Dreyfus Company, which Frank represents on a national basis. In an effort to regionalize its production operations, L.A. Dreyfus relocated its Edison operations to an existing facility in Gainesville, GA.
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