CBRE steers industrial sale

Real Estate Weekly, Jan 16, 2008

Jeffrey Dunne, Jeffrey Oram, and Kevin Welsh of CB Richard Ellis' New York Institutional Group collaborated with Mindy Lissner of CBRE's East Brunswick office to represent Woodbridge Enterprises L.P. in the sale of 1500 Rahway Avenue in Avenel. The team was also responsible for procuring the buyer, Pantheon Properties, LLC, and working with the lender, The Guardian Life Insurance Company of America, on the assumption of an existing loan on the asset.

Jeffrey Dunne had the following comments on the sale: "1500 Rahway was an uncharacteristically long and exceedingly complex transaction, taking nearly two years from start to finish. Our team had to navigate through a very difficult loan assumption, secured by both the existing building and the vacant parcel, quantify and overcome an existing environmental contamination problem, and address a myriad of tenant related issues. Even up until closing, we had an additional unforeseen environmental issue that we all worked successfully to solve."

1500 Rahway Avenue is a 324,445 s/f modern warehouse distribution building with an additional 11.43 acres of land for development. Built in 1994, the facility has 32' clear ceiling heights, 39 loading doors, and approximately 20,000 s/f of office space.

At the time of sale 100% of the warehouse portion of the property (305,058 s/f) as well as an area for additional trailer parking, were leased to Hudd Distribution Services Inc.