Jones Lang LaSalle

Two Sales Transactions Total 45,000 SFB
y Eric Peterson
Last updated: February 21, 2006 10:21am
(To read more on the industrial market, click here.)

UNION, NJ-In two separate transactions, two industrial buildings totaling 44,500 sf have traded. The deals involve a second-time representation, an expansion and a 1031 exchange.
Both deals were arranged by David Fisher, a senior vice president at Weichert Commercial Brokerage, based in Morris Plains. The sale prices were not disclosed.

The genesis for the two deals actually came a dozen years ago when Fisher sold Doug Fowler of Fowler Equipment the 17,500-sf building at 24 Monroe St. here. Fowler Equipment outgrew the building, which it used as its corporate headquarters, according to Fisher, and recently began looking for a new property.

"I had also done work with B&M Realty in the past, and had sold them the 27,000-sf building at 565 Rahway Ave. in Union," Fisher says. "I was aware that B&M was now ready to sell this property. Fowler entered into a contract and the building and asked me to market the Monroe Street building."

Ray Catena, who owns a string of auto dealerships across New Jersey, had recently acquired a property in close proximity to 24 Monroe and became the buyer for the latter asset as an expansion move. For Fowler, the sale of 24 Monroe St. enabled the completion of a 1031 exchange.