Vermella West Clubhouse, Kearny, NJ
KEARNY, NJ—A six-acre former industrial site in Kearny will be recreated as multifamily following its sale to Russo Development. Cushman & Wakefield represented the seller, a family estate, and procured the buyer in the transaction; both entities are long-time clients of Cushman & Wakefield's New Jersey and New York investment sales teams.
Russo will redevelop the “Bat Factory” property—which has sat idle for more than three decades–as the second phase of its Vermella West project.
“The Russo team performed flawlessly, putting forth an entrepreneurial approach to working with the seller in this transaction that closed without full development approvals in place,” says Cushman & Wakefield's Brian Whitmer, who headed the assignment with investment sales specialists Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd.
The sale of the parcel at 60 Passaic Avenue represents the second recent trade orchestrated by Cushman & Wakefield in that neighborhood. Earlier this year, the New Jersey investment sale team brokered the sale of a nearby BJs-anchored retail center. Whitmer added that other recent trades in the immediate marketplace reflect its revitalization and overall appeal.
“We are seeing a notable amount of institutional investment coming into Kearny, and we are pleased to be part of the Passaic Avenue corridor resurgence,” Shapiro says. “The redevelopment of the Bat Factory property will further enhance the area's growing reputation as a preferred live/play destination.”
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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].
