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By Joshua Burd
A family office is seeking a buyer for 1 million square feet of industrial space in the Meadowlands, offering a portfolio that reportedly could trade for some $400 million.
The would-be seller, ASG Equities, has tapped Newmark to market the fully leased properties, three of which are occupied by UPS and across the street from the shipping giant’s regional hub. They include warehouses of 434,000 square feet at 1 Century Way, 162,000 square feet at 70 Enterprise Ave. North and 97,000 square feet at 700 Secaucus Road.
The fourth property is a 321,000-square-foot building at 1 Emerson Lane, which is fully leased to ZT Systems.
The portfolio occupies a combined 63.7 acres and provides what the offering describes as scale, secure cash flow and future upside through the redevelopment of 70 Enterprise or 700 Secaucus to modern industrial or data center uses, along with mark-to-market rent increases. A report by Real Estate Alert also noted that the buildings could fetch $400 million, potentially breaking the state’s price record for the sector, although the seller will consider offers for the entire portfolio or any combination of properties.
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