Cushman & Wakefield facilitated the acquisition.
Realterm has purchased 83 Broad Ave., a 66,504-square-foot industrial property in Fairview, N.J. Cushman & Wakefield facilitated the acquisition.
The property last traded in 2013, when the current seller, ParkPlus, acquired it for $4.5 million, CommercialEdge data shows. Built in 1966, the property is a final-mile Class B warehouse located in an Opportunity Zone and featuring 10 dock-high doors.
The 4.7-acre site is close to interstates 95, 78 and 80, offering access to Newark, N.J., Jersey City, N.J., and Manhattan. The property sits less than 2 miles from CSX’s intermodal facility in North Bergen, N.J., 6 miles from George Washington Bridge and 6.8 miles from Croxton Intermodal Terminal.
Due to the asset’s infill location, the property has access to some 10.3 million residents, living within a 15-mile radius, adding to Realterm’s growing New Jersey-area footprint, said the company’s Managing Director & Senior Fund Manager Ed Brickley, in prepared remarks.
Cushman & Wakefield’s team included Director Torsten Thaler, Executive Managing Director Tom Tucci and Managing Director Steve Shoemaker.
Realterm made several last-mile acquisitions this year. In February, the company paid $102.5 million for two distribution facilities in Blauvelt, N.Y. Later in summer, it purchased another last-mile warehouse within the DFW market from Oxford Properties.