“Demand for warehouse space in New Jersey continues to be strong, particularly for modern properties in close proximity to the New York metropolitan area,” says Ben Rosen, Duke's vice president of leasing and development.
The seller has invested more than $5.4 million in capital improvements since 2007, and the well-maintained property includes a recently renovated on-site conference center and café and 1,288 underground parking spaces.
Heightened interest in urban areas is attracting significant development that can help turn around areas that had fallen on hard times, according to Anthony Cassano of NAI James E. Hanson.
With full occupancy and an 11-year projected net operating income growth of 40 percent, Uptown Square offers both stability of income and yield, says Avison Young's John Crotty
“With unemployment below 4 percent, companies are focusing on making smart decisions about their space – decisions that keep their employees happy and engaged,” says Revathi Greenwood, Americas head of research at Cushman & Wakefield.
A multimillion-dollar capital improvement program getting underway includes significant street level renovations and improvements to the building's interior concourse walkway.
“Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already,” says Kislak's Joni Sweetwood.
