Commercial real estate firm NAI Hanson recently closed a deal with logistics real estate company Prologis for a large industrial space in Teterboro.
NAI Hanson’s Thomas Vetter, Jeffrey DeMagistris and Gary Sauerborn negotiated the sale of 111 Central Ave. in Teterboro on behalf of the seller, Marschall Partners, to buyer Prologis. Terms of the deal were not disclosed.
“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.”
Prologis took interest in the property’s significant car and trailer parking capabilities, part of the acquisition’s criteria.
The buyer, Prologis, owns more than 52 million square feet of industrial space across the tristate area, according to a release from NAI Hanson.
The Teterboro property is east of the intersection of routes 17 and 46, and minutes from Interstate 80, the New Jersey Turnpike, and the George Washington Bridge.
The 125,500-square-foot industrial building has 18,516 square feet of office space, 15 loading docks, four drive-ins, 14-foot to 16-foot ceilings, 25-foot by 40-foot columns, and ample on-site parking for over 125 cars and nearly 60 trailers.
“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,” according to the release.