Sale of Former Barneys Distribution Facility Speaks to the Continued Strength of New Jersey’s Industrial Market?

Demonstrating the continued strength of the New Jersey industrial sales market during the pandemic, CBRE today announced the sale of 1201 Valley Brook Avenue in Lyndhurst, New Jersey.

The CBRE team of?Thomas Monahan, Brian Fiumara, Steven D'Amato, LarrySchiffenhaus,Anastasia?Lazarides,Lauren Hageman?and?GerardMonahan?represented Jos L. Muscarelle in the saleofthe180,000 sq.ft. industrial property and sourced the buyer, Sitex Group.

“While not completely immune, New Jersey’s industrial market?has performed exceptionally well during these trying times for our industry,” noted Mr. Monahan. “Our team was able to work?extremely efficiently and collaboratively with both partiesin closing the acquisition of thissignificant industrial site.”

The distribution facility features 11 loading docks, 26’ clear ceiling heights and parking for 162 vehicles. Sitex Group also has plans for several capital improvements to modernize the building for today’s users.

1201 Valley Brook Avenue is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and just 14 miles from Port Newark Container Terminal.

The building was vacant at the time of sale.

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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.