CUSHMAN & WAKEFIELD ARRANGES $32.6-MILLION SALE OF KEARNY INDUSTRIAL BUILDING
670 Belleville Turnpike Sold by Russo Development to Terreno Realty Corporation
KEARNY, N.J. – July 1, 2011 – (RealEstateRama) — Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group has arranged the sale of 670 Belleville Turnpike, a 211,000-square-foot, single-story industrial building within Saw Mill Park. Seller Saw Mill Park, LLC, an affiliate of Carlstadt, N.J.-based Russo Development, was represented by the Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Stan Danzig, Jules Nissim, Stephen Elman, and Catherine Bounczek. San Francisco, California-based buyer Terreno Realty Corporation was represented in-house by Andrew Burke, Senior Vice President.
The sale price was $32.6 million, or approximately $154 per square foot. As part of the acquisition, Terreno assumed a mortgage loan. The property is currently 100 percent leased to H.D. Smith, a privately held wholesaler of medical and healthcare products that utilizes the site as a regional distribution center.
“This is clearly a best-in-class asset that has what the institutional investment community is looking for today—quality construction, tremendous floor loads, state-of-the-art ceiling heights, and a strong, long-term tenant for which it is a mission-critical facility,” said Bernhaut, vice chairman of Cushman & Wakefield. “It also has a prime location straddling the Meadowlands and Port submarkets, two of the strongest markets in the region.
“This offering attracted significant interest,” Merin said. “Terreno demonstrated deep market knowledge, recognizing the unique qualities of the asset, and more importantly transacted as promised.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales and joint venture advisory of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. It has completed more than $15.2 billion worth of transactions since 2000.
670 Belleville Turnpike represents the team’s seventh major industrial sale in 2011, totaling 4.5 million square feet and nearly a quarter of a billion dollars in sales activity.
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