$12M for Industrial in Northern NJ

A private investment group led by Duvi and Tuli Blumenberg paid $12.1 million for 251 Union St., a fully-occupied industrial property in Northvale, NJ.

“The current tenant distributes nationally from the site, which is ideally situated at the New Jersey-New York border,” said Andrew Schwartz, director of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which served as exclusive agent for the seller, Pantheon Properties, which had fully renovated the property.

“The northern New Jersey industrial market continues to enjoy a years-long decline in overall vacancy, making it one of the tightest industrial markets in the country,” says Schwartz.

For comments, questions or concerns, please contact Bendix Anderson