Cushman & Wakefield has arranged the sale of the Ludlow Industrial Park, a vacant three-building industrial asset that totals 193,235 s/f in the heart of Bergen County.
The final sale price was $27,000,000, equating to $140 per square foot. The buyer was Suburban Jersey Properties.
A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, Chuck Fern, Tom Tucci and Eli Millstein represented the seller, RAB Lighting which, until recently, occupied the property.
Located at 140, 150 and 170 Ludlow Avenue, Ludlow Industrial Park features 21 loading positions, 228 car parks and varying clear heights up to 33 feet.
“We received significant interest from investors and users for this asset,” said Gabriel. “This sale is indicative of the unabated demand for functional, infill real estate.”
“Ludlow Industrial Park is ideally positioned to capitalize on the continued strength of e-commerce user demand. Occupiers will also benefit from the property’s incredible northeast regional access,” added Fern.
Ludlow Industrial Park is located less than 20 minutes from Interstate 87, Garden State Parkway, Palisades Interstate Parkway and the George Washington and Tappan Zee bridges. The property is accessible to 4.5 million consumers within a 15-mile radius.