Former N.J. brownfield redeveloped and sold for $74 million [Yahoo! Finance]
Dow Inc. (DOW)
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Source: Yahoo! Finance
The 36-acre site on Normandy Drive contains a newly-built, 241,200-square-foot Class-A distribution center that closed last month for $73,566,000. This property was once part of a 250-acre tract that was occupied by a chemical plant before sitting vacant for decades. The new building has 40-foot clear ceiling heights, 39 loading docks, two drive-in doors, 60 trailer parking spots, 164 car parking spaces and seven EV charging stations. It is located about a mile from Interstate 287, with access to the Garden State Parkway, Interstate 78, Routes 1 and 9 , Port Newark and Newark Liberty International Airport. “It was a pretty ugly area for a long time,” said Mike Markey, an executive vice president at Colliers. “Now you've got a beautiful new industrial park with this piece being last piece.” Markey, along with Jon Tesser, also an executive vice president at Colliers, represented the seller, Rockefeller Group, in the transaction. Markey and Tesser have been involved with the
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