SBWE's senior vice president Glenn Evans represented the seller, 609 Island Drive Partners, L.P., and senior vice president Irv Weiss and vice president Eric Lewin represented the buyer, E & T Plastics of Long Island City, NY.

The transaction is significant in showing the attractiveness of the Northern New Jersey industrial market to out-of-state tenants, Lewis tells GlobeSt.com. "Despite the current downward pressure on the commercial/industrial market, the old adage of 'location, location, location' holds true," he says, adding that the low taxes in Teterboro and the proximity to New York City and major highways all contributed to the transaction's completion.

With the issues in the credit markets resulting in a dearth of prospective buyers during previous quarters, the industrial sales market had been brought to a virtual standstill earlier this year. But with the combination of the slow revival of credit, lower asking prices and many occupiers interested in owning buildings, sales velocity slowly began to return in the third quarter, according to a report from CB Richard Ellis.