NAI James E. Hanson Negotiates Sale of Teterboro, N.J. Industrial Building to Prologis
Teterboro, N.J. (August 15, 2023) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces that it has negotiated the sale of 111 Central Avenue in Teterboro, N.J. NAI James E. Hanson’s Thomas Vetter, SIOR, Jeffrey DeMagistris, SIOR, and Gary Sauerborn represented the seller, Marschall Partners, LP, in the transaction with buyer, Prologis, Inc.
Located six miles from the George Washington Bridge, 111 Central Avenue is a 125,500-square-foot industrial building with 18,516 square feet of office space. The property features 15 loading docks, four drive-ins, 14’-16’ ceiling height, 25’x40’ columns and ample on-site parking for over 125 cars and nearly 60 trailers. In addition, the property offers convenient accessibility to Routes 17 and 46, Interstate 80 and the New Jersey Turnpike.
Looking to capitalize on the property’s excellent location and high-quality features, the seller tapped NAI James E. Hanson to utilize its extensive list of institutional contacts and marketing capabilities to attract a reputable buyer. Prologis, a leader in logistics real estate and owner of 52 million square feet across the tri-state area, took interest in the property’s significant car and trailer parking capabilities, part of the acquisition’s criteria. NAI James E. Hanson leveraged its expertise in closing sales with institutional investors to secure the highest market value on their client’s behalf.
“Despite the current macroeconomic conditions, we continue to see strong demand for well-located industrial properties that offer extensive parking capabilities,” said Vetter. “111 Central Avenue is a perfect example of the types of properties that institutional investors are targeting in today’s market. We’re happy to have provided the services needed to help our client and wish Prologis success with their new acquisition.”
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 300 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Teterboro office at 201-488-5800 or visit www.naihanson.com