Avison Young news: Find out the latest industry happenings
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young arranges sale of 390 Central Avenue in East Rutherford, New Jersey to Deugen DevelopmentAugust 25, 2022
Sale part of strategy to transform chemical manufacturing facility into 21st century last-mile warehouse
Morristown, NJ –Avison Young has arranged the sale of Sun Chemical’s manufacturing facility at 390 Central Avenue in East Rutherford, NJ to Deugen Development. The sale of the ±47,310-square-foot (sf) industrial space will be developed into a modern facility that will satisfy the ongoing needs for e-commerce and last-mile delivery.
The seller, Sun Chemical, was represented by Timothy Cadigan, Principal, Matthew Turse, Principal, Judy A. Troiano, Vice President, and John Gianis, Vice President, who are based in the firm’s Morristown office. The buyer, Deugen Development, represented themselves.
“The opportunity to transform Sun Chemical’s asset into a thriving part of our 21st Century economy was a very exciting challenge for our team, and we’re thrilled that Deugen Development recognized the value of not only the future of the property, but its location,” said Cadigan. “This transaction was able to not only functionalize an obsolete asset, but to monetize surplus real estate for our client and bring expanded service and jobs to Bergen County.”
The building includes ± 3,000 sf of build-to-suit office space, parking for 41 vehicles, and over 45,000 sf of divisible warehouse space. Its location near the New Jersey Sports and Exposition Authority (NJSEA), Route 3, Route 17, and the New Jersey Turnpike provide excellent access to the region and labor pool. The anticipated modernizations to the building will commence in the mid- to late-third quarter of 2022.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
For more information:
- Download property photo here.
- Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697
- Timothy Cadigan, Principal, Morristown: +1.973.898.6360
- Matthew Turse, Principal, Morristown: +1.973.898.6360