Carlstadt, N.J. (July 1, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 76,624-square-foot industrial building at 463 Barell Avenue in Carlstadt, N.J. NAI James E. Hanson’s Scott Perkins, SIOR, Thomas Vetter, SIOR, Jeff DeMagistris, SIOR, and Christopher Todd represented the seller, Penwood Real Estate Investment Management, in the transaction with the buyer, Cheveux Corp. Elite Realtors of NJ and Team Resources represented Cheveux Corp in the transaction.
Situated on 3.5 acres, 463 Barell Avenue features a highly adaptable industrial layout with clear ceiling heights ranging from 16’-21’6”, two loading docks, and six drive-ins. The property also offers 19,369 square feet of office space on two floors and 190 parking spaces. With easy access to Routes 3, 17, 46, 80 and the New Jersey Turnpike, 463 Barell Avenue provides superior connectivity to the New York City and Philadelphia metro areas. Additionally, the property is just miles from Newark Liberty International Airport and Port Newark Elizabeth, two of the region’s primary international logistics hubs.
463 Barell Avenue was acquired by Penwood in 2019. Penwood originally planned on repositioning the formerly multitenant industrial building into a single-tenant property. Recognizing the positive trajectory of the Meadowlands’ industrial market, Penwood later determined that marketing the building for sale instead would allow their company to realize the highest value for the asset.
NAI James E. Hanson’s team of Perkins, Vetter, DeMagistris, and Todd boasts extensive experience on Barell Avenue, negotiating over 250,000 square feet in industrial sales and 174,868 square feet in industrial leases over the past several years. Recognizing their tremendous success in this market, Penwood retained their services to market the building for sale and procure a buyer. Shortly thereafter, NAI Hanson was able to secure Cheveux Corp, an owner-operator who was interested in purchasing the building to run their hat distribution business.
“In competitive markets like the Meadowlands, there is no substitute for experience when it comes to selecting a brokerage firm,” said Perkins. “With the challenges presented by COVID-19 and the continued high demand seen in this market, our local experience provides our clients with unparalleled insight and expertise to ensure they can close real estate transactions in line with their goals, no matter the market conditions.”