The 7,250-sf warehouse with .17 acres of outdoor storage sold for $2 million to owner-user

Newark, NJ – Avison Young has arranged the sale of an industrial property on behalf of The Commencement Group for $2 million. The 7,250-square-foot (sf) property includes .17 acres of outdoor storage and is located at 19-27 Frelinghuysen Avenue in Newark, NJ. The buyer an individual owner-user and is currently occupying the property.

The Commencement Group was represented by John Gianis, Stephen Gianis, Tim Cadigan, and Matt Turse, all based in Avison Young’s Morristown office. The buyer was represented by Joe Peixhino of Rite Choice Realty.

“The current industrial market in New Jersey for owner/user assets is very strong, with users willing to pay a premium for the right product, especially those with outdoor storage,” said Gianis. “We received numerous letters of interest from a variety of users once this hit the market, which came as no surprise, given the property’s location and features.”

The warehouse sits across Frelinghuysen Avenue from the outdoor storage lot/component and contains 600-sf of office space and drive-in capabilities. The site offers exceptional connectivity to major highways and sits less than a mile to Interstate 78 and two miles to Interstate 280.

“We understood the appetite in the market for this asset type, thanks to guidance from our Avison Young team, and are pleased with the strong interest and sale of this property,” said Ryan Lazarus, Controller, The Commencement Group.