The industrial site of Avenel sold for 19.7 million dollars, according to BRC

Located in Avenel, 160 Essex Ave. E. is a 40,000 square foot industrial property. – BUSSEL REALTY CORP.

Bussel Realty Corp. arranged the sale of a 40,000 square foot industrial property in Middlesex County, the company announced Sept. 20.

Edison-based BRC represented both buyer and seller – Sitex Group and Total Source Logistics, respectively – in the $19.7 million transaction for 160 Essex Ave. E. in Avenel.

“160 Essex Ave. E. offers 40,000 square feet of heavy-duty storage space and over 2.5 acres of excess land for parking,” said BRC Senior Vice President Jordan Metz. , who worked on the agreement on behalf of both parties, in a statement.

He also arranged a short-term sale-leaseback for Total Source Logistics, again representing both parties, which operates a trucking and logistics business on the property. “The buyer, Sitex Group, has been an aggressive buyer of industrial property for many years and will add this prime property to its extensive property portfolio,” Metz said.

Englewood-based Sitex offloaded an industrial portfolio of five buildings in Essex County last week.

The Avenel site is located near the New Jersey Turnpike and Route 1-9, providing access to Newark Liberty International Airport and Port Newark/Elizabeth. It offers ceiling heights of 18 feet, seven tailgates and an entry door, dry sprinklers, 600 amps of electricity and 50 surface parking spaces.

Metz pointed to the growth of the Carteret/Avenel submarket, which he said has seen significant rent increases, “rising valuations and insatiable investor interest over the past five years.” In its Q2 2022 industry report, NAI James E. Hanson pegged Middlesex County’s vacancy rate at 0.9%. Of particular interest in the area, Metz said, are functional properties with land for parking or outdoor storage.

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