East Rutherford, N.J. (October 28, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of 880 Paterson Plank Road and 890 Paterson Plank Road in East Rutherford, N.J. NAI James E. Hanson’s Team Perkins & Todd comprised of Scott Perkins, SIOR, Chris Todd, SIOR, and William Ericksen represented the buyer, Realterm, in the transactions.
Headquartered in Annapolis, Md., Realterm is a global owner and manager of high flow through (HFT®) logistics facilities with a current portfolio valued at over $13B. Eyeing the continued growth of its portfolio in New Jersey, the company tapped Team Perkins & Todd earlier this year to negotiate the acquisition of 975 E Linden Avenue, a 12,000-square-foot industrial building, in Linden, N.J. Building off of the acquisition of 975 E. Linden Avenue, Realterm once again engaged Team Perkins & Todd to negotiate the acquisition of 880 and 890 Paterson Plank Road.
890 Paterson Plank Road is a 36,500-square-foot industrial building with 20’ ceilings, four loading docks and two drive-ins and is situated on 2.6 acres. Located next door, 880 Paterson Plank Road is a 5,000-square-foot service building located on 1.8 acres. The two properties offer a high degree of flexibility and help bolster Realterm’s portfolio of well-located logistics facilities in Northern New Jersey market.
“As the New Jersey industrial market only gets larger and more sophisticated, we are increasingly seeing a growing interest in specialty subsectors like high flow through logistics facilities,” said Perkins. “In such a tight market, finding suitable properties that align with investors’ increasingly specific needs is often difficult. Fortunately, highly experienced brokerage teams with on-the-ground presences like ours can be a tremendous asset in helping companies like Realterm find suitable properties.”
