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HFF Sells Industrial Parcel Adjacent to Newark Airport
HFF has arranged the $8.2-million sale of a 4.5-acre land parcel for an industrial development at 120 Frontage Rd., adjacent to Newark Liberty International Airport in Newark, NJ. The buyer plans to construct an 80,000-square-foot industrial building on the site.
The HFF investment advisory team representing the seller included Marc Duval, Jose Cruz and Jordan Avanzato. The team marketed the property exclusively on behalf of the seller and secured the buyer, who purchased the property free and clear of any existing debt.
“The industrial market remains strong with limited development sites available,” Duval said. “We have seen institutional capital lower their price points to find development opportunities in core, northern New Jersey locations. The buyer will have great tenant demand being so close to the Newark Airport and the port.”
Along with its proximity to the airport and Port Newark-Elizabeth, the property is directly off Interstate 78.
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