ISELIN, NJ–Sperry Van Ness represented buyers and a seller in three recent closings on industrial properties selling for a collective total of $7.5 million. New Jersey managing directors Doug Richter and Ian Grusd, who were involved in the deals, said industrial user demand has significantly picked up in the last 12 months.
In Union, the team represented Schott NYC in the purchase of the 58,683-square foot building at 735 Rahway Avenue to use as its new manufacturing and distribution headquarters. Schott, the maker of iconic bomber jackets worn by James Dean, Marlon Brando and Bruce Springsteen on the cover of Born to Run, paid $3.25 million for the facility. The seller, Gelb Estate, was represented by Weichert Commercial.
“The deal cycle has been taking much longer due to lack of inventory,” says Richter, whose Sperry Van Ness team is based at Metropark. “It took a year to find just the right new location for Schott, which had been making its jackets in Elizabeth for many years.”
Grusd adds, “One of our customers actually got into a bidding war for a property and the only difference between offers with the competing buyer was the cost of a new roof. It was a 4% difference on a $4 million sale. We felt like it was 2006.”
On the investor side, notes Grusd, the team’s listing of 22 Cragwood Road in Avenel for HLP Associates drew enough interest that the seller had a choice between investment buyers. The Sitex Group purchased the 40,000- square-foot distribution facility for $2.475 million, and was represented by Grubb & Ellis. The multi-tenanted distribution center off New Jersey Turnpike Exit 12 is fully occupied.
In Cranbury, The Richter Grusd team represented Whitman, an engineering and consulting firm, in the purchase of 7-9 Pleasant Hill Road in Cranbury for $1.8 million. The company will be relocating from East Brunswick to 23,000 square feet at the Cranbury building.
Sperry Van Ness is based in Irvine, CA. It expanded its presence in New Jersey, the nation’s third largest industrial market after Southern California and Chicago, by affiliating with Richter Grusd in 2008.
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