CBRE today announced the $8.0-million sale of a development site at 1290 Wall Street in Lyndhurst, New Jersey, to Gramercy Property Trust Blackstone Group.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team and CBRE National Partners, along with CBRE Vice Chairman Thomas Monahan, negotiated the transaction on behalf of the seller, Rugby Realty Company.
The 5.67-acres of land can accommodate 85,400 sq. ft. of Class A warehouse/distribution space. Located in one of the premier gateway markets in the United States, 1290 Wall Street provides direct access to the largest and most concentrated consumer and business base in the country, with its vast logistical infrastructure, including a network of interstate highways, deep-water cargo ports, intermodal terminals and air freight capabilities.
“This transaction is a reflection of the continued interest investors have expressed in Northern New Jersey and, more specifically, the thriving Meadowlands submarket,” said Mr. Fiumara, Executive Vice President, CBRE. “We anticipate even more activity in this region over the course of 2019.”
“When we first acquired the property, we analyzed the market and anticipated strong growth potential in Lyndhurst,” said Maurice Ades, Principal & Managing Partner of Rugby Realty Company. “Our evaluation proved to be absolutely correct. Working closely with CBRE, we were able to market this ideally located site and close on the sale with new ownership that also sees the same potential.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
