“There were significant port approvals [needed]. It took six months to get those approvals,” Metz tells GlobeSt.com. The unusual time frame arose from a number of board meeting cancellations delaying the approval of one minor item. “Elizabeth was fantastic – the board approved almost everything we need at the first board meeting, indicating its willingness to work with the tenant.”

Right after the approvals came through, however, Federal abandoned the deal. The building sat dormant, with deals never quite working out. Federal once again expressed interest, and the deal was completed.

Federal has begun significant interior and exterior renovations, and will take occupancy on October 1. Such an opportunity is rare this close to the port.

“There is not a lot of product available,” Metz says. “Buildings are going for close to pre-recession pricing due to the demand.” Rents in the area range from $4.25 per square foot to $17 per square foot, according to LoopNet.

Other recent Bussel industrial deals include: a 65,000-square-foot lease in Edison, NJ to a New Jersey-based trucking company; a 20,000-square-foot lease in Carteret to a cell phone and cell phone accessory distribution company relocating from Brooklyn, NY; a 15,000-square-foot lease in Carteret to a freight forwarding company, and a 5,000-square-foot sale in Linden to a private investor.