Holliday Fenoglio Fowler, L.P. (HFF) announces the $8.205 million sale of a 4.5-acre land parcel for an industrial development at 120 Frontage Road and adjacent to Newark Liberty International Airport in Newark, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller and secured the buyer, who purchased the property free and clear of any existing debt. The buyer plans to construct an 80,000-square-foot industrial building on the site.
With extraordinary trimodal access, 120 Frontage Road is located directly off of Interstate 78 and is minutes from the New Jersey Turnpike Exit 14C and Garden State Parkway Exit 14, both of which help provide access to one-third of the North American population within a day’s drive. The site is proximate to Port Newark-Elizabeth, one of the largest containerized deep-water shipping terminals on the East Coast and is directly across the interstate from Newark Liberty International Airport. Additionally, the site is less than 30 miles from John F. Kennedy International Airport.
The HFF investment advisory team representing the seller included director Marc Duval, senior managing director Jose Cruz and director Jordan Avanzato.
“The industrial market remains strong with limited development sites available,” Duval said. “We have seen institutional capital lower their price points to find development opportunities in core, northern New Jersey locations. The buyer will have great tenant demand being so close to the Newark Airport and the port.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
