ISELIN, NJ Sperry Van Ness | Richter Grusd, a commercial real estate brokerage firm serving New Jersey, announced the closing of three industrial properties for sale collectively exceeding 7.5 million.
The user market has picked up considerably over the past twelve months though the sale inventory for decent warehouse buildings along the Turnpike remains rather tight. Consequently, the deal cycle has been taking much longer, says Doug Richter, Managing Director of the Metropark based organization.
One of our customers actually got into a bidding war for a property and the only difference between offers with the competing buyer was the cost of a new roof, comments Ian Grusd, Managing Director. It was a 4% difference on a 4 million sale. We felt like it was 2006. Our customer lost that deal which then took a year to replace due to a lack of inventory. On the investment side, our listing at 22 Cragwood Road in Avenel drew considerable interest from the investment community and the Seller had their choice from multiple buyers.
Details of the closings include:
735 Rahway Avenue, Union, NJ
Size: 58,683 square feet
Buyer: Schott NYC, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness
Seller: Gelb Estate LLC, represented by David Fisher of Weichert Commercial
Notes: Buyer is relocating from Elizabeth and will use the building as their new headquarters for manufacturing and distribution. Schotts famous bomber and leather jackets have been worn by many icons including James Dean, Marlon Brando and Bruce Springsteen on the cover of Born To Run.
Closing Price: 3,250,000
7-9 Pleasant Hill Road, Cranbury, NJ
Size: 23,000 square feet
Buyer: Whitman, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness
Seller: Jaffar, Inc., represented by Mary Ryan of Franzwa Real Estate Advisors
Notes: Whitman, an
engineering and renewable energy consulting firm, will be relocating its office from East Brunswick.
Closing Price: 1,800,000
22 Cragwood Road, Avenel, NJ
Size: 40,000 square feet
Buyer: Sitex Group, represented by George Molloy SIOR of Grubb Ellis
Seller: HLP Associates LP, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness
Notes: Investment sale. Multi-tenanted distribution facility which was 100% occupied at closing. Close proximity to NJ Turnpike Exit 12, Newark Liberty International Airport and the Ports.
Closing Price: 2,475,000
Managing Directors Doug Richter and Ian Grusd were both named Top 20 Advisors in the US by Sperry Van Ness International (SVNI) out more than 800 advisors nationwide. Additionally, a recent survey from The Lipsey Company reports that Sperry Van Ness was named as the 10th most recognized brand in commercial real estate nationwide.
For more information about these properties or Sperry Van Ness commercial real estate advisory services, contact Doug Richter or Ian Grusd at (732) 906-0505 or visit www.svn-rg.com.
About Sperry Van Ness
Founded in 1987, Sperry Van Ness is one of the largest and fastest-growing commercial real estate brokerage firms in the industry, with more than 800 advisors in over 130 locations. Sperry Van Ness delivers results for clients through a proven business model that immediately markets every one of its clients properties to the entire brokerage community. Based in Irvine, California, the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing and auction services. Sperry Van Ness gross sales volume totals billions of dollars annually in office, multifamily, retail, industrial, self-storage, hospitality and land transactions. For more information, please visit www.svn.com.