Cushman & Wakefield Arranges Sale of 121,000-Square-Foot Warehouse
BD Oakland Owner LLC was the Buyer in the Transaction.
- Newark, NJ (1888PressRelease) April 22, 2011 - The 121,000-square-foot warehouse building at 111 Bauer Drive has been sold. The East Rutherford, N.J.-based Cushman & Wakefield Inc. Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the undisclosed seller and procured the buyer, BD Oakland Owner LLC.
The Oakland-McBride Center building at 111 Bauer Drive was fully leased to two tenants at the time of sale. The Topcon Medical Systems, subsidiary of Japanese optical device manufacturer Topcon Corporation, utilizes the site as its US headquarters. The building also serves as the headquarters, sales, and manufacturing requirements of fiber optics provider Royle Systems Group.
"With long-term tenants in place, and a predictable return to the buyer, this property was highly sought after," said Gabriel.
"We continue to see an increase in activity in the industrial sales marketplace," added Merin. "This sale is one of four industrial transactions handled by our team during the first quarter of the year."
Constructed in 1972 and fully renovated in 2009, 111 Bauer Drive is situated on five acres with access to I-287 and close proximity to Routes 208, 4, 17, 23, I-80, and the Garden State Parkway. The brick and block fašade building features 10 loading docks, 30-foot by 40-foot column spacing, office areas above a finished floor, and fiber-optic telecommunications.