Cushman & Wakefield on Friday stated the true property companies agency organized the sale of 1200 Amboy Avenue, a 192,500-square-foot industrial asset in Perth Amboy. The agency additionally served because the unique advisor to the client within the procurement of $14,700,000 of acquisition financing. The mortgage was offered by Bank United.
A Cushman & Wakefield crew of Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin represented the vendor, Englert Inc. John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Zachary Kraft, additionally of C&W, secured acquisition financing on behalf of the client, Longpoint Realty Partners.
“This property is positioned within the port industrial submarket, amongst New Jersey’s most sought-after, providing a deep labor pool and quick entry to the ports and Newark Airport,” stated Gabriel. “With easy accessibility to the NJ Turnpike, the Backyard State Parkway, Routes 1, 9 and 440 and Staten Island, the client will profit from sturdy money movement and the chance to redevelop sooner or later.”
1200 Amboy Avenue sits on 16 acres and options 125 trailer parking areas. Because the 1980s, the property has served because the headquarters and first manufacturing facility of Englert Inc., a number one industrial and residential producer and provider of LEED and Energy Star compliant metallic roofing merchandise. As part of the transaction, the tenant is signing a 20-year leaseback.
“We congratulate each Longpoint Realty Companions and Financial institution United on a seamless execution throughout these unprecedented occasions within the capital markets,” Alascio added. “Financial institution United was capable of put forth an distinctive financing package deal which demonstrated its data of the chance and understanding of the client’s marketing strategy.”
The property is located in New Jersey’s port submarket with direct entry to the NJ Turnpike, Route 440/I-287 and Routes 1 and 9.