Modlo Buys 73 KSF New Jersey Industrial Portfolio

1301 & 1401 W. Blancke St. Industrial portfolio. Image courtesy of Cushman & Wakefield

Modern Logistics (Modlo) has acquired a 73,276-square-foot, two building portfolio and an adjacent 2.1-acre laydown yard in Linden, N.J., from Hub Realty. Cushman & Wakefield brokered the transaction.

The portfolio includes a 46,674-square-foot industrial building, located at 1401 W. Blancke St. According to CommercialEdge data, the property was completed in 2017 and spans 3.6 acres. The industrial lab is a 26,602-square-foot property, located at 1301 W. Blancke St. The asset was built in 2011 and sits on 3 acres, the same data provider shows. Both buildings have loading doors. The laydown yard is located next to the two buildings, at 1312-1340 W. Elizabeth Ave. The 2.1-acre yard functions as an Industrial Outdoor Storage.

The properties are 10 miles from Newark and approximately 20 miles from New York. Newark Liberty International Airport and Newark Port are located just 12 miles away. The portfolio assets are close to Exit 13 on Interstate 95, with connection to Interstate 78 and routes 22, 1 and 9. Other industrial properties in the surrounding area are occupied by Linden Warehouse & Distribution Co., East Coast Foods, Wayfair-Linden Warehouse, among others. Linden Airport is 2.6 miles away.

Executive Vice Chairman Gary Gabriel, Executive Director Kyle Schmidt and Senior Analyst Seth Zuidema of Cushman & Wakefield, represented the seller and procured the buyer.

Recently, Cushman & Wakefield has worked on behalf of Advance Realty Investors and Greek Development in securing a construction loan of $141.8 million for the third phase of Linden Logistics Center, in Linden, N.J.