PERTH AMBOY, NJ—Avison Young arranged the sale of an undeveloped 26-acre land site that formerly housed Hess Corp.'s first oil terminal at 1250 State St. in Perth Amboy, NJ.
An Avison Young team comprised of Matthew Turse, VP; Tim Cadigan, VP; Rob Neblett, principal; and Christopher K. Richter, P.E., P.P, principal and SVP of development, represented both the purchaser and the seller in this transaction, who were not identified. Financial terms of the transaction had not yet been made public.
The site had been razed for development prior to this sale. According to NJParcels.com, a website that lists details about New Jersey property parcels, the site was last sold in ecember 2010 to Vopak Terminal Perth Amboy, a limited liability company located in Deer Park, TX, for $14.25 million.
The Avison Young New Jersey office notes there has been a continued demand for available land along the New Jersey Turnpike for industrial development, but there has been a particularly limited inventory of available industrial property with deep-water bulkhead. In the case of this property, Avison Young helped the seller dispose of a unique parcel offering a deep-water bulkhead directly on the Arthur Kill.
“Avison Young offered a unique depth of strategic services in relation to this acquisition,” says Matthew Turse, Avison Young. “We have in-house civil engineers and development specialists who worked hand-in-hand with our brokerage team to properly advise the buyer, given the environmental history of this substantial land site. Additionally, our inherent understanding of the New Jersey industrial market combined with our familiarity with the specialized requirements of the region served us well towards getting this deal done.”
PERTH AMBOY, NJ—Avison Young arranged the sale of an undeveloped 26-acre land site that formerly housed Hess Corp.'s first oil terminal at 1250 State St. in Perth Amboy, NJ.
An Avison Young team comprised of Matthew Turse, VP; Tim Cadigan, VP; Rob Neblett, principal; and Christopher K. Richter, P.E., P.P, principal and SVP of development, represented both the purchaser and the seller in this transaction, who were not identified. Financial terms of the transaction had not yet been made public.
The site had been razed for development prior to this sale. According to NJParcels.com, a website that lists details about New Jersey property parcels, the site was last sold in ecember 2010 to Vopak Terminal Perth Amboy, a limited liability company located in Deer Park, TX, for $14.25 million.
The Avison Young New Jersey office notes there has been a continued demand for available land along the New Jersey Turnpike for industrial development, but there has been a particularly limited inventory of available industrial property with deep-water bulkhead. In the case of this property, Avison Young helped the seller dispose of a unique parcel offering a deep-water bulkhead directly on the Arthur Kill.
“Avison Young offered a unique depth of strategic services in relation to this acquisition,” says Matthew Turse, Avison Young. “We have in-house civil engineers and development specialists who worked hand-in-hand with our brokerage team to properly advise the buyer, given the environmental history of this substantial land site. Additionally, our inherent understanding of the New Jersey industrial market combined with our familiarity with the specialized requirements of the region served us well towards getting this deal done.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
