Located at 830 E. Elizabeth Ave. and 817 Pennsylvania Ave., the properties total 18,514 square feet. The buyer, Flatbush Moving Co., is expanding from its base in Staten Island to northeast New Jersey. The buildings front on two streets and feature both tailgate and drive-in loading.
Jordan Metz, sales associate and vice president at Bussel, obtained the buyer through a marketing campaign aimed at bringing companies from New York to New Jersey. "I've done a lot of deals with small businesses coming out of Brooklyn, Long Island and Staten Island, which have bought or leased warehouse space in New Jersey, to take advantage of our lower rates.
"In this particular transaction, the buyer wanted to expand its operations to a centrally located facility that would provide immediate access to major transportation arteries, which service the northeast corridor." He adds that Linden has always been a desirable location for both regional and national companies, due to its easy access to the Turnpike, Routes 1 & 9 and the Parkway, along with its proximity to mass transit, the ports and Newark Airport. "And the guys from New York love it because it's just over the Goethals Bridge," adds Metz.
The transaction was structured in conjunction with Patrick Toriello of P&A Financial Services in Red Bank, which arranges SBA financing and other customized loan products.According to Metz, "Many purchasers are unaware of the tremendous advantages available to them through properly structured SBA financing. The particular SBA programs employed here permit a purchaser to obtain low interest, long term commercial financing with a relatively modest down payment and the return of working capital at closing."
Adds Steve Bussel, president of Bussel Realty, "this just goes to show that, even in this market, deals will happen if you stick to aggressive marketing and personal follow-up, and understand how to structure a deal."
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