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54 Schuyler St. in Belleville — Courtesy: Bussel Realty Corp.
By Joshua Burd
A specialty foods distributor has sold more than 7,000 square feet of industrial space in Belleville, in a newly announced deal by Bussel Realty Corp.
Brokers with the firm represented both parties in the transaction at 54 Schuyler St., a facility just off Route 21 with 22-foot ceiling heights, drive-in and loading dock access and dedicated parking. The seller, Ole Ole Foods Inc., secured a price of $1.95 million in the trade to RMW Flooring LLC.
“In the months leading up to launching the sale of 54 Schuyler, we were in the midst of the most unfavorable interest rate environment in over a decade,” said Jordan Metz, a senior vice president with BRC. “Compounding this, demand was softening across the board in real time. Despite these challenges, we still anticipated that 54 Schuyler would command significant interest in the market, given its prime infill location and modern specifications.”
Metz joined Benito Abbate, a senior associate, and James Friel, a sales associate, in completing the sale of the 7,125-square-foot property, which provides easy access to the New Jersey Turnpike, Interstate 280, Port Newark-Elizabeth and Newark Liberty International Airport. The team was among several brokerage firms that interviewed for the disposition assignment, he said, noting that its projected valuation was almost 40 percent higher than the next-highest estimate given, “and we were confident in our assessment.”
“We intentionally positioned the asset to capture interest from end users over investors, in order to achieve the highest price per square foot,” Metz said. “We were able to leverage our intimate market knowledge and decades of experience selling buildings to end users and set a 2023 price-per-square-foot record for comparable buildings in the market.”
Abbate added: “When I began my career in mid-2020, the market had just begun its meteoric, pandemic-induced rise. Those macro factors began waning as we prepared to launch 54 Schuyler in 2023. Nonetheless, we executed our game plan and were able to achieve the exceptional pricing we had hoped. We are proud of our work here and happy to have assisted the seller exit the property and the buyer to find their new (warehouse) home.”
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