The Jersey City-based Grid Real Estate has announced the sale of two (2) industrial properties in Jersey City’s Liberty Harbor Redevelopment Area, commonly known as ”Liberty Industrial” Park.
The properties, 14-16 Burma Road, an 81,000 square foot industrial property and 150 Theodore Conrad Drive, a 40,000 square foot industrial property are currently leased to Capital Moving and Storage. Capital Moving and Storage, based in Jersey City, were the sellers of both properties. Both properties have a lease-back provision to the sellers. The acquisition of both properties was by New Jersey-based Limited Liability Corporations (LLC’s) with a large industrial portfolio in the tri-state area.
The $23,750,000 sale for both properties is one of the highest prices per square foot price for existing industrial properties in the market.
““Building studio infrastructure is a game-changer for building the entertainment industry in New Jersey!””
Bob AntonicelloGRID Real Estate
It is anticipated that both properties will be part of New Jersey’s growing entertainment studio production business. “We fully expect these two prime industrial properties to join 21 Caven Point Road ( Jersey City) as part of a growing studio business in both Jersey City and New Jersey,” said Bob Antonicello, President of GRID Real Estate. “The repurposing of these two mid-century warehouse buildings to state-of-the-art production studios is a huge step forward in creating the kind of infrastructure New Jersey and Jersey City will need to continue to grow the entertainment business in New Jersey. Studio infrastructure, like the cutting edge studios planned here, is a game-changer for both the city, the state, and region,” stated Bob Antonicello.
