Annapolis, Md. (February 14, 2022) – Realterm announces the acquisition of two final mile warehouses located at 1040 and 1060 Gelb Avenue in Union, N.J. With a combined total of 38,600 square feet across 2.6 acres, both warehouses are fully leased and have 21 loading positions.
“These properties have a unique combination of loading positions and excess parking, which is a valuable differentiator for distribution tenants,” said Ben Andreycak, East Region Acquisitions, Realterm. “These two facilities are excellent additions to our portfolio because they are located in an extremely strong final mile market with high barriers for new development.”
Located southwest of Newark and only 40 minutes from Midtown Manhattan, the properties offer convenient distribution to the tri-state area. With immediate access to I-78, I-280 and I-95, these assets are also near Newark Liberty International Airport (7.6 miles away) and Port of Newark-Elizabeth Marine Terminal (9.8 miles away).
“The warehouses are advantageously located making them valuable to a host of occupiers,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm. “This acquisition is another outstanding example of our continued strategy of acquiring the most functional high flow through properties across the country.”
Highlights of 1040 and 1060 Gelb Ave. include:
- Square feet: 38,600 SF
- Land area: 2.6 acres
- Loading positions: 21
- Access: I-78, I-280 and I-95
Torsten Thaler of Cushman & Wakefield facilitated the transaction and represented Realterm.