1290 Wall St., Lyndhurst, NJ
LYNDHURST, NJ—Gramercy Property Trust Blackstone Group is buying a 5.67-acre development site at 1290 Wall Street in Lyndhurst, NJ, from Rugby Realty Company for $8 million.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets' Institutional Properties team and CBRE National Partners, along with CBRE vice chairman Thomas Monahan, negotiated the transaction on behalf of the seller.
The site can accommodate 85,400 square feet of class A warehouse/distribution space. Located in one of the premier gateway markets in the United States, 1290 Wall Street provides direct access to the largest and most concentrated consumer and business base in the country, with its vast logistical infrastructure, including a network of interstate highways, deep-water cargo ports, intermodal terminals and air freight capabilities.
“This transaction is a reflection of the continued interest investors have expressed in Northern New Jersey and, more specifically, the thriving Meadowlands submarket,” says Fiumara, a CBRE executive vice president. “We anticipate even more activity in this region over the course of 2019.”
“When we first acquired the property, we analyzed the market and anticipated strong growth potential in Lyndhurst,” says Maurice Ades, principal and managing partner of Rugby Realty Company. “Our evaluation proved to be absolutely correct. Working closely with CBRE, we were able to market this ideally located site and close on the sale with new ownership that also sees the same potential.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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].
