KEARNY, NJ-As the industrial market rumbles slowly toward recovery two years after the recession nearly stopped it in its tracks, new deals usually hinge primarily on strategic location of the property.
Jones Lang LaSalle said today that it has arranged for MarJam Supply Company to take over a 65,000-square-foot site in Kearny that fills that bill.
“For three years, MarJam has sought a space that meets its very specific operational needs, and this site is a great fit because of its structural amenities,” said Dean Brody of JLL. “The property also provides a choice location, offering easy access to Jersey City and New York City, both of which are key MarJam markets.”
MarJam acquired the mortgages for the three-building complex at 342 Schuyler Avenue in Kearny, through an affiliate. The company distributes acoustics and drywall, lumber, plywood and other building materials. It will relocate from Newark.
The new site offers quick access to Interstate 80 and the New Jersey Turnpike.
The Schuyler Avenue complex, built in 1960, sits on five acres. The buildings include a 40,000-square-foot warehouse, a 20,000-square-foot maintenance garage and a 4,500-square-foot office building. The warehouse has 18-foot-clear ceilings and four grade-level drive-in doors.
MarJam's operations require ample parking for employees and heavy-duty machinery, the JLL broker noted, which is available on the site.
MarJam operates 31 "super centers" in 12 states that serve the East Coast.
Also, this week, Lee & Associates closed a deal in central New Jersey, in which ITT Acquistion acquired a 34-year-old facility at 330 S. Van Brunt St. in South Brunswick, off the New Jersey Turnpike. The facility is leased to a dental product supplier.
Lee's Michael Schaible represented the seller, Humphrey S. Lewis Urban Renewal Corp., and Jeffrey Miller, also of Lee's New Jersey office, represented the purchaser, ITT Acquisitions.
“ITT feels bullish that this Northern Bergen County locale, two minutes to the George Washington Bridge, New Jersey Turnpike and I-80 has upside potential,” said Schaible.
The single-tenant net-leased facility is occupied by DENTSPLY.
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