Cushman & Wakefield Arranges Sale of 146,000-Square-Foot Industrial Facility

Buyer C. R. Laurence expands by 100,000 Square Feet with User Acquisition. End Quote

Bergen-Passaic, NJ (1888PressRelease) February 18, 2014 - Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of 60-70 Seaview Drive, a 146,000-square-foot industrial building in Secaucus. The firm's Stephen Elman and Jules Nissim represented both the buyer, C.R. Laurence Co., Inc., and seller, Principal Real Estate Investors.

For C.R. Laurence, a leading supplier to the glazing, architectural, railing, construction, industrial and automotive industries, the acquisition marks a relocation and expansion by 100,000 square feet within the Secaucus market. Constructed in 1981, the single-story distribution facility at 60-70 Seaview Drive is situated on 6.7 acres. The site provides easy access to major highways, including the New Jersey Turnpike.

"The requirement was for a larger facility to allow the company to expand their product line," said Elman. "The company also wanted to be in close proximity to their existing facility because many of their customers pick their orders up from their distribution center," added Nissim. "After a site search in the Meadowlands, 60-70 ,Seaview Drive proved to be the ideal location to meet these requirements. We are pleased to have been able to complete thistransaction."

CRL's existing 45,000-square-foot warehouse/distribution facility, located at 211 County Avenue in Secaucus, also company-owned, is currently available for sale. Situated on 2.54 acres less than a mile from Exits 15X and 16E of the New Jersey Turnpike, near Route 3, the single-story warehouse/distribution facility features 18-foot clear ceiling height, more than 60-car parking, and a corporate headquarters-quality office component.

"The building is exceptionally well-maintained, in immaculate condition," said Elman. "And with its close proximity to key tri-state area markets, it is ideal for any wholesale or outlet store operation."

"This industrial market continues to show positive signs," said Elman. "We are seeing vacancy rates declining, rents and sale prices improving, and strong demand for well-located, quality properties. The building at 211 County Avenue certainly meets those criteria, and we expect to see considerable interest in this availability."

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