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.”
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