{"id":1004314031,"date":"2019-04-03T22:54:33","date_gmt":"2019-04-04T06:54:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004314031"},"modified":"2025-02-28T00:02:56","modified_gmt":"2025-02-28T08:02:56","slug":"hff-brokers-8m-industrial-sale-in-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-brokers-8m-industrial-sale-in-nj\/","title":{"rendered":"HFF Brokers $8M Industrial Sale in NJ"},"content":{"rendered":"
\"\"<\/a>

463 Barell Ave. Image via Google Street View<\/em><\/p><\/div>\n

Penwood Real Estate Investment Management has purchased a 71,745-square-foot industrial building in the Meadowlands submarket of Carlstadt, N.J., for $7.8 million. The seller was a New Jersey-based investor.<\/p>\n

HFF Senior Managing Directors Jose Cruz and Kevin O\u2019Hearn, Senior Directors Steve Simonelli and Michael Oliver, along with Directors Jordan Avanzato, Marc Duval and Associate J.B. Bruno, represented the seller.<\/p>\n

Located at 463 Barell Ave. on a 3.5-acre site, the building features two loading doors, six drive-in doors, 14- to 21.5-foot clear heights and wide column spacing. The asset is less than 5 miles from the New Jersey Turnpike and, due to easy access to Route 3, Midtown Manhattan is 9 miles away. Additionally, the property is 15 miles from Port Newark-Elizabeth, the largest containerized deep-water shipping terminal on the East Coast, while Newark Liberty International Airport is 16 miles away.<\/p>\n

\u201cThere was strong demand from the investment community due to the property\u2019s irreplaceable \u2018last-mile\u2019 location, clear upside in rents and pricing below replacement costs for similar industrial opportunities in the Meadowlands,\u201d<\/em> said Avanzato, in a prepared statement.  <\/p>\n

Demand for industrial space in New Jersey is high, especially along the New Jersey Turnpike, according to a recent Colliers International report. In a discussion with Commercial Property Executive<\/em>, <\/em>Executive Managing Director Dennis Waggner and Research Director John Obeid broke down the area’s unique attributes<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The team of Jose Cruz, Kevin O\u2019Hearn, Steve Simonelli, Michael Oliver, Jordan Avanzato, Marc Duval and J.B. Bruno facilitated the deal on behalf of the seller.<\/p>\n","protected":false},"author":748,"featured_media":1004314265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1600,21742,10],"tags":[32792,33270,33271,38755],"class_list":["post-1004314031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-hff","tag-jose-cruz","tag-kevin-ohearn","tag-penwood-real-estate-investment-management"],"acf":[],"yoast_head":"\nHFF Brokers $8M Industrial Sale in NJ - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hff-brokers-8m-industrial-sale-in-nj\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Brokers $8M Industrial Sale in NJ\" \/>\n<meta property=\"og:description\" content=\"The team of Jose Cruz, Kevin O\u2019Hearn, Steve Simonelli, Michael Oliver, Jordan Avanzato, Marc Duval and J.B. 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