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CBRE Arranges Industrial Parcel Trade to Blackstone’s Gramercy
CBRE has arranged the $8-million sale of a development site at 1290 Wall St. in Lyndhurst, NJ to Gramercy Property Trust Blackstone Group.
A CBRE Capital Markets team of Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki, along with Vice Chairman Thomas Monahan, negotiated the transaction on behalf of the seller, Rugby Realty Company.
The 5.67 acres of land, close to both Interstate highways and the New York region’s ports, can accommodate 85,400 square feet of Class A warehouse/distribution space.
“This transaction is a reflection of the continued interest investors have expressed in Northern New Jersey and, more specifically, the thriving Meadowlands submarket,” said Fiumara. “We anticipate even more activity in this region over the course of 2019.”
Rugby’s Maurice Ades said that when his company first acquired the property, “we analyzed the market and anticipated strong growth potential in Lyndhurst. Our evaluation proved to be absolutely correct.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
