LINDEN, NJ-Marcus & Millichap Real Estate Investment Services has announced the sale of a 36,000-square-foot industrial property at 1901 Linden Avenue here for $4.8 million, or $133 per square foot.
Both the buyer and seller were local investors, with the project acquired in a 1031-exchange. The building features some 25 separate units of about 1,500 square feet each, largely serving small entrepreneurs. The building was fully occupied at the time of the sale.
“For the tenants that occupy this space, the next stop would be their garage,” says Alan Cafiero, a senior associate in the firm’s New Jersey office. Cafiero and VP of investments Ben Sgambati represented the seller and procured the buyer in the deal.
However, such a property tends to have a fairly reliable rent base, with these users paying about $10 per square foot to $12 per square foot (about $1,600 per month), he notes, making the project attractive to a buyer. Rents in the area range from $4.50 per square foot for a vacant 148,000-square-foot building to $$14.67 per square foot for a 13,500-square-foot facility.
Built in 1950 on a 1.86-acre lot, 1901 Linden Avenue was completely renovated in 2009, with a new roof, parking lot, fa
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