Bussel Realty Secures $37 Million Sale to Bridgewater; 107,000 square feet under lease


Bussel Realty Corp. announced a trio of deals this week in Somerset and Union counties.

In Bridgewater, the Edison-based industrial and commercial real estate services firm sold an approximately 200,000 square foot industrial complex for $37 million.

Located at 568 Central Ave. on approximately 24 acres, the property is comprised of five industrial buildings. It has a large active railway infrastructure with seven railway ramps capable of handling around 135 railway carriages; eight parking areas; 12 overhead cranes; heavy power; and transformers on site. According to BRC, the low coverage rate of industrial property by area makes it an ideal location for outdoor storage and trailer parking.

1100 Randolph Road, Somerset. – BUSSEL REALTY CORP.

BRC’s Anthony Rittwage and Matthew Phillips of The AI ​​Group and Jordan Metz of Metz Industrial Team represented the seller – Central Avenue Corp. – and the buyer – 568 Central Avenue LLC – in the transaction.

“The 550-568 Central Ave. represented a rare opportunity for a strategic buyer given the distinct characteristics of this industrial rail site. We created a competitive bidding environment by leveraging our AI platform, which secured several aggressive bids from highly specialized buyer profiles,” Rittwager said in a prepared statement.

“While complexities have certainly surfaced, our specialty in seeing difficult situations in new ways has ensured great success for all stakeholders,” he added. “It was a sincere pleasure to represent both buyer and seller in this transaction, which ultimately maximized the seller’s return and marks a major tactical location for Dana Transport Inc.’s liquid bulk distribution network. of 60 locations across North America.”

Lease

Further in Somerset, Bussel announced on September 1 that it was leasing 103,264 square feet at 1100 Randolph Road to Perth Amboy-based metal roofing and gutter manufacturer Englert Inc.

Rittwager, Phillips and Metz also represented the owner in this transaction, JWH Real Estate Holding Corp. The tenant was represented by Cushman & Wakefield.

Rittwager said Bussel was able to attract bids for the location through the teams’ use of data aggregation and predictive analytics, which resulted in multiple bids for the location. property.

568 Central Ave, Bridgewater.

568 Central Ave, Bridgewater. – BUSSEL REALTY CORP.

“Our marketing platform and tenant assessment process has led to a long-term tenant with excellent credit who will invest significant capital to create their largest global distribution center,” he said in a statement.

1100 Randolph Road is a 207,192 square foot property located just off Exit 10 on Interstate 287. It features ceiling heights of 27 feet, 8,000 amps of electricity, 10 tailgates, and 26 trailer locations .

According to Rittwager, Englert’s lease helped solidify the landlord’s decision to build an additional 102,393 square feet of space with 36-foot clear heights slated for delivery in the second quarter of 2023.

The success of the two County of Somerset transactions, he said, “further justifies our optimistic outlook for the Somerset industrial market”.

In Roselle Park, Bussell announced Aug. 31 that Steve Jaynes, an industrial specialist and one of the company’s top tenant and landlord brokerage representatives, had secured 4,000 square feet of space at 169 E. Highland. Parkway.

Jaynes represented both the landlord, MM NJ Realty LLC, and the tenant, P&I Global Tire, in the transaction.

Overall, the industrial property has 16,500 square feet, 17 foot high ceilings, 200 amps of electricity, three entry doors and gas heating. The property is close to I-287 and the Garden State Parkway.

“It was a pleasure to represent our client, MM NJ Realty LLC, in finding an ideal tenant for 169 E. Highland Parkway,” said Jaynes. “The property’s location and features are ideal for P&I Global Tire’s business and customers in the area.

Previous Community Players Centennial Season Opens With Heartwarming Production Of "Steel Magnolias"
Next The Mercury's Sound Off Saturday, September 3 – The Mercury