Hillside, N.J. – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, negotiated the $4.35M sale of a 1.2-acre industrial outdoor storage (IOS) property, located at 138 Route 22 East in Hillside, New Jersey, to PSE&G. Vice Presidents Russell J. Verducci, SIOR, and Eric Demmers represented the private seller in the transaction.
Situated along Route 22 just three miles from Newark Liberty International Airport, the site features a 15,677-square-foot industrial building, a 2,192-square-foot shed, and ample on-site parking. PSE&G plans to reposition the property as an expansion of its substation located at an adjacent property to provide enhanced electricity distribution services across the region.
“The IOS market continues to show strength with infrastructure companies like PSE&G driving much of the activity,” Verducci said. “We’re pleased to have helped our client capitalize on the value of their property while helping to support regional infrastructure expansion.”
Demmers added, “Utility and infrastructure users require sites that provide scale and strategic connectivity. This property does both, allowing PSE&G to expand critical operations while the seller secured a strong return for the asset.”
Does this description of the seller work? I believe the form has “0” in the Landlord/Seller row of the CD form
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