313 Regina Avenue, Rahway, NJ
EDISON, NJ—Art Scroll 313 Regina Avenue LLC has acquired 313 Regina Avenue, the former Regina Vacuum Building, in Rahway, NJ, a 256,000-square-foot industrial facility, for $19.75 million in a transaction brokered by Bussel Realty Corp.
Originally the Regina Music Box Company, the firm specialized in music boxes until it was forced out of business by the popularity of the phonograph in the 1920s. It resurrected in the 1930s producing canister vacuums, according to Wikipedia.
BRC's David Blitt, senior vice president, Robert Sager, senior vice president, and James Hodgkins, vice president, represented the seller and Joel Katz of Katz & Sterling represented the buyer.
“While we were arranging the sale of 313 Regina Avenue, our BRC team was also the leasing agent for the property,” says Blitt. “Prior to the deal closing we were able to lease the final remaining units, providing the new owner a 100-percent stabilized asset. We believe the solid New Jersey industrial market is a great investment for firms looking for stable returns.”
Occupying four acres, 313 Regina Avenue is located near Exit 12 of the New Jersey Turnpike with access to Routes 1 and 9. The property has 28-foot ceilings, four tailboards, seven loading docks, heavy power and one drive-in door. It is one and half miles from a New Jersey Transit rail station with direct Midtown Manhattan passenger service.
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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].
