Freight Transporter Inks 250 KSF at NJ Facility
The property is now entirely leased.
A freight transportation services provider has signed a 250,000-square-foot industrial lease at 1 Buckingham Ave., a 407,700-square-foot facility in Perth Amboy, N.J. Lee & Associates arranged the deal on behalf of the ownership, while Eretz Realty represented the tenant.
Accurate Builders and Developers owns the building, according to Yardi Matrix information. Following the deal, the property is now entirely leased.
The freight transporter will relocate from its previous location in Union County, N.J. The tenant will join reverse logistics and surplus liquidation company FB Liquidation in the roster.
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Lee & Associates Senior Managing Directors Claudia Ganas, Monica Franco, Director Ana Carolina De Arauja and Associate Ryan Mojares secured the lease on behalf of the ownership.
As of June, the average advertised listing rate for industrial properties in New Jersey clocked in at $12.80 per square foot, higher than the national figure of $9.20 and marking a 6 percent increase year-over-year, according to a Yardi Matrix report. During the same month, the metro’s average vacancy rate stood at 7.7 percent, ranking seventh nationwide behind Bridgeport, Conn. (5.3 percent) and Nashville, Tenn. (5.4 percent), among others.
A 1950s industrial facility
Completed in 1956, the industrial facility is a two-story building located on a 7-acre site. The property boasts 18-foot clear ceiling heights, 34 loading docks and one drive-in door, as well as grade-level parking with 105 spots. Other features include a climate-controlled system and solar power capabilities.
The asset has been under Accurate Builders and Developers’ ownership since 2022, when the company acquired it from VIRA Insight for $41.9 million, or approximately $180 per square foot, the data provider shows.
The industrial property is in proximity to the Outerbridge Crossing, which connects the area to south Staten Island. Major thoroughfares in the area include U.S. Route 9, New York state routes 35 and 440 and interstates 95 and 287. Newark Liberty International Airport is within 17 miles north.
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