NAI Hanson Completes Two Industrial Transactions in Bergen County - Jeffrey DeMagistris and Thomas Vetter represent landlords in leases totaling 54,832 SF

NAI James E Hanson (01/22/2010) - HACKENSACK, N.J, JANUARY 14, 2010 -NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce the completion of two industrial transactions in New Jersey's Bergen County: The sale of a 15,000 SF industrial condo at 10 Malcolm Ave. in Teterboro, N.J., and a 39,832 SF lease at 472 Barell Ave. in Carlstadt, N.J. NAI Hanson Associate Vice Presidents Thomas Vetter and Jeffrey DeMagistris represented the landlords, Malcolm Associates LLC, and R.J. Purcell Associates, Inc., respectively, in these transactions.

"Tenants and buyers are in the driver's seat in the Northern New Jersey industrial market, as in other markets and sectors nationwide, forcing landlords to get creative with their marketing and buyer incentives," said Vetter. "Both Malcolm Associates and R.J. Purcell Associates priced their spaces appropriately, which enticed the prospective tenant and purchaser to move forward with these transactions during these trying times."

More specifically, the details of the transactions are as follows:

Roberts Street Realty LCC will occupy 15,000 SF in the 56,000 SF 10 Malcolm Ave., which is ideally located with direct access to Routes 17 and 46, Interstate 80 and the New Jersey Turnpike. The facility has undergone renovations recently, including a new roof, improved electrical service and resurfaced floors.

Priority Express--a provider of courier, delivery, freight, warehousing, records management and shredding services--has leased the entire 39,832 SF building at 472 Barell Ave. for its Northern New Jersey base. This property is well situated just one block from downtown Carlstadt and is within close proximity to Interstate 80, the New Jersey Turnpike and Routes 3, 17 and 46. The facility features 21-foot ceilings, three tailgates with levelers for loading, 50 parking spaces, gas heating and 3,000 amps of electrical service.

"Both 10 Malcom Avenue and 472 Barell Avenue are ideally located only 10 miles from New York City and minutes from most major northern New Jersey highways," stated DeMagistris. "Tom and I were able to complete successful transactions for both landlords, and we look forward to working on opportunities of this kind in the future."

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