ISELIN—Sperry Van Ness | Richter Grusd has closed on three industrial properties for sale, collectively exceeding $7.5 million.
Details of the closings include:
735 Rahway Avenue, Union
Size: 58,683 sq. ft.
Schott NYC was represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness. Gelb Estate LLC was represented by David Fisher of Weichert Commercial.
Schott is relocating from Elizabeth and will use the building as their new headquarters for manufacturing and distribution. Schott’s famous bomber and leather jackets have been worn by many icons including James Dean, Marlon Brando and Bruce Springsteen on the cover of Born To Run. The closing price was $3.25 million.
22 Cragwood Road, Avenel
Size: 40,000 sq. ft.
The buyer, Sitex Group, was represented by George Molloy SIOR of Grubb & Ellis. The seller, HLP Associates LP, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness.
An investment sale, the multi-tenanted distribution facility was 100 percent occupied at closing. Close proximity to Turnpike Exit 12, Newark Liberty International Airport and the Ports. The closing price was $2.475 million.
7-9 Pleasant Hill Road, Cranbury
Size: 23,000 sq. ft.
The buyer, Whitman, was represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness; the seller, Jaffar Inc., was represented by Mary Ryan of Franzwa Real Estate Advisors.
Whitman, an engineering and renewable energy consulting firm, will be relocating its office from East Brunswick. The closing price was $1.8 million.