March 9, 2017 Comments Off on 1980s Warehouse Sells for $19M Views: 242 New York News, Tri-State Area New York

1980s Warehouse Sells for $19M

Murray Construction sold its aging warehouse property in North Brunswick, NJ for $18.9 million in an off-market transaction.

The new owner, 1735 Jersey Avenue LLC, plans to fully update the 360,000-square foot property, which delivered in 1980. The first task will be raising the roof; the new owner is seeking approval to raise it to 40 feet from its current 21 feet.

“This rail-served property benefits from ample parking capacity, favorable local taxes and a deep regional labor base,” said Jason Goldman with Cushman & Wakefield. “At the same time, it is legacy industrial – and requires a significant upgrade to bring it to current standards.”

Industrial space is in high demand in New Jersey. The percentage of vacant space is at a record-low 5%, and asking rents are at their highest in more than a decade, according to Cushman & Wakefield research.

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