Logistics company pays $12.8M to acquire 121K sf warehouse in Clifton

May 14, 2019 06:40PM

Teterboro-based NAI James E. Hanson brokered the sale last week of a 121,000-square-foot warehouse in Clifton to local transportation and logistics firm Shawnee Transportation, ROI-NJ reported. JRAM Investment Company unloaded 50 Somerset Place for $106 per square foot, or roughly $12.8 million. NAI advised the buyer, Shawnee, in the transaction. The company, previously based in Carlstadt, will now occupy 60,000 square feet at its new industrial property, which is located two miles from the Garden State Parkway and less than a mile from Route 3, and will reportedly look to lease out the remaining space. According to research from Jones Lang LaSalle, year-to-date net absorption in New Jersey reached 3.2 million square feet, driving total vacancy down to 3.1 percent for 2019. Asking rents per square foot reached $9.85 at the end of the first quarter, according to JLL, which said there is 459,822 square feet of industrial construction taking place in the Route 3, 23 and 46 submarket. The Real Deal reported earlier this year on the booming market for industrial properties in northern New Jersey, where in e-commerce and traditional retailers have been busy snapping up Class A space. [ROI-NJ]