E-Commerce/Third Party Logistics Firm Acquires 230 Liberty Street in Metuchen

230 Liberty Street, Metuchen, NJ

METUCHEN, NJ—Barry Feldheim has acquired 230 Liberty Street in Metuchen, NJ, a 41,500-square-foot industrial property, from NYS Collection , a sunglasses and eyewear manufacturer, for $4.4 million in a transaction brokered by Jordan Metz, vice president, Bussel Realty . “As has been the trend in many of my deals over the past several years, and for our market as a whole, the purchaser is an e-commerce/third-party logistics firm relocating from Brooklyn and will occupy the entire space,” says Metz . “My client, NYS Collection , implemented better distribution channels in its retail/ecommerce sunglasses business over the past several years, and no longer needed the space.  Given current market conditions, it happened to be the perfect time to sell the asset, which they had purchased less than 10 years ago. We had backup buyers as well, several of whom were companies based in Brooklyn, which further indicates the incredible strength our New Jersey markets are experiencing, once again.  It’s a direct result of the further consolidation and extinction of warehousing in New York’s boroughs.” 230 Liberty Street features high ceilings, abundant parking and 25 percent office space.  The building had undergone an extensive gut renovation of both the interior and exterior seven years ago, which helped position it as a very unique asset in a market already thin on inventory that is available for sale.  Industrial vacancy rates in this market are currently reported to be at or below one percent.  The property’s location provides immediate access to I-287 and is near the New Jersey Turnpike, Route 1-9, 440, Garden State Parkway and the Outerbridge Crossing to Staten Island and Brooklyn.