$15M for NJ Last-Mile Industrial

Greek Development paid $15 million for two industrial buildings at 400 and 500 Apgar Dr. in New Jersey’s Franklin Township. The 170,500-square-foot property is 91% occupied by 11 tenants.

“This property historically has enjoyed high occupancy and tenant retention rates. It offers stable cash flow and upside via increasing rents to market and leasing two vacant units,” said Kyle Schmidt of Cushman & Wakefield’s East Rutherford, NJ office.  He, along with Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew MacDonald, and Andrew Siemsen, represented the seller and procured the buyer.

“As space tightens all along the New Jersey Turnpike, the Upper 287 region has become increasingly popular among industrial tenants and investors alike,” said MacDonald.

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