April 2, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $7.77 million sale of 463 Barell Avenue, a 71,745-square-foot, value-add industrial building in the New York City area community of Carlstadt, New Jersey.
The HFF team marketed the property on behalf of the seller. Penwood Real Estate Investment Management, LLC purchased the asset.
463 Barell Avenue is situated on 3.5 acres in the exceptional Meadowlands Industrial submarket. The property features two loading doors, six drive-in doors, 14- to 21.5-foot clear heights, wide column spacing, and ample parking. With its “last-mile” location just minutes from The New Jersey Turnpike (Interstate 95); Routes 3, 17, 46, 1 and 9; and Interstate 80, the property provides direct access to Midtown Manhattan. Additionally, the property is less than 15 miles from Port Newark-Elizabeth, the largest containerized deep-water shipping terminal on the East Coast.
The HFF team included senior managing director Jose Cruz, directors Jordan Avanzato, Marc Duval and associate J.B. Bruno, as well as senior managing director Kevin O’Hearn and senior directors Steve Simonelli and Michael Oliver.
“There was strong demand from the investment community due to the property’s irreplaceable ‘last-mile’ location, clear upside in rents and pricing below replacement costs for similar industrial opportunities in the Meadowlands,” Avanzato said.
“Industrial investments in Northern New Jersey continue to attract both institutional and private capital at aggressive pricing, especially within the infill markets,” added Cruz.