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Gannett-Leased NJ Printing Facility Trades to JV
Newmark arranged the $39-million sale of 100 Commons Way in Rockaway, NJ. The property is a 352,461-square-foot regional printing, assembly and distribution facility 1.5 miles off I-80. 100 Commons Way is long-term leased to Gannett at below-market rent within one of the country’s most supply-constrained markets.
The Tri-State Newmark capital markets team was led by executive managing director Kevin Welsh, managing director Brian Schulz, associate Jason Emrani and transaction manager Maria Betancourt with support from managing director Chris Koeck. They represented a private seller and procured the buyer, a joint venture between institutional investors advised by J.P. Morgan Asset Management and Ivy Realty.
“The buyer was attracted to the property for its compelling in-place yield and upside driven by below-market rent and lower basis, along with its long-term redevelopment potential,” said Welsh. “The combination of these investment features is rare to find in today’s ‘white-hot’ industrial market.”
