CBRE announced the sale of a 149,000 s/f mixed-used property located at 25 Enterprise Ave North in Secaucus, New Jersey.
The off-market transaction was originated and sourced by a collaboration between CBRE’s largest New Jersey industrial group and the firm’s Investment Properties team.
EverWest Real Estate Investors and a Colorado-based investment fund partnered in the acquisition of the property from Glenmore Management and subsequently retained CBRE to oversee leasing at the facility.
The CBRE Advisory and Transactions Services team of Kevin Dudley and William Waxman worked with colleagues Elli Klapper and Charles Berger of the firm’s Tri-State Investment Properties team in negotiating the sale on behalf of the buyer. The seller, Glenmore Management, represented themselves.
“In today’s business climate, it’s more and more important that different service lines work together to create and develop interesting opportunities for our clients,” said Bill Waxman, Executive Vice President.
Klapper, a Senior Vice President, added, “We are continuing our collaborative efforts and working on new projects as we speak.”
“This property provided our client with a very rare opportunity to own a coveted asset in the heart of one of the most active industrial corridors in the country, in an off-market deal,” said Kevin Dudley, Senior Vice President.
Built in 1970, 25 Enterprise Ave North is ideally located in the Meadowlands, which is one of the most desirable industrial markets in the country due to its top-notch geographical location and access to New York City. The multi-tenanted building is fully occupied currently serving both warehouse and retail users.
“The property’s irreplaceable location situated just five miles from Manhattan offers excellent access for last-mile logistics users,” said Steve Feinberg, EverWest’s director of northeast acquisitions.