Wayne, N.J. (January 7, 2021) – NAI James E. Hanson announces it has negotiated the sale of a 156,627-square-foot industrial building at 30 Corporate Drive in Wayne, N.J. NAI James E. Hanson’s Michael Walters, SIOR, and Cameron Silverstein represented the seller, Robert Michael Associates, LLC, in the transaction with Forsgate Industrial Partners as the buyer.
Constructed in 1984, 30 Corporate Drive’s 156,627 square feet of Class-A industrial space boasts 15 loading docks, 26’ ceilings, 40’x40’ column spacing, and 78 parking spaces. With a strategic location just miles from Interstate 80 and Routes 23 and 46, the building’s combination of adaptability, structural integrity and accessibility made it a rare institutional-grade acquisition opportunity in the current industrial market. Recognizing the unique value proposition of the property, the building’s ownership greenlighted Team Walters and Silverstein to facilitate a sale of the building only under the condition that it was sold by year end 2020. In addition to the tight timeframe, the building’s ownership had been located over 1,200 miles away in Naples, Fla. since the COVID-19 pandemic began and was unable to travel to New Jersey to oversee the sale. The ownership group entrusted Team Walters and Silverstein to serve as their on-the-ground presence to facilitate the speedy sale of the building.
Leveraging deep relationships in the northern New Jersey commercial real estate market, Walters and Silverstein recognized Forsgate Industrial Partners as an ideal buyer, with the ability to close by year end on the property. Based in Teterboro, N.J., Forsgate Industrial Partners is a private real estate developer and investor that owns and manages over 10 million square feet of true Class A industrial buildings across northern and central New Jersey. Working closely with their client, Robert Michael Associates, LLC, and the team at Forsgate Industrial Partners, Walters and Silverstein leaned on their experience and knowledge to move the transaction forward despite obtaining a signed PSA on December 11th and closing on December 30th, as well as the numerous challenges presented by the COVID-19 pandemic to ultimately close on a deal that met the business objectives of both parties.
“While the northern New Jersey industrial sales market continues to see tremendous demand coupled with a limited supply, challenges still exist with any transaction,” said Walters. “For sellers, leveraging the local market knowledge, relationships, and transactional management experience of professional commercial real estate brokers like those on our team at NAI Hanson can make all the difference in realizing the full market potential of unique assets like 30 Corporate Drive. This deal exemplifies the advantages of working with a local broker as we were able to facilitate a seamless sale on behalf of our client while helping the buyer grow its portfolio of Class-A industrial assets.”
