Jones Lang LaSalle
Heller Buys Back Warehouse for $9M
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
(To read more on the industrial market, click here.)
EDISON, NJ-Locally based Heller Industrial Parks Inc. has purchased the vacant 190,840-sf industrial building at 75 Executive Ave. here for $9 million from the Des Plaines, IL-based United Stationers. Heller built the facility around 20 years ago to suit United Stationers’ needs, which have since expanded beyond the building’s capacity.
Ben Shapiro, senior vice president of the Grubb & Ellis office here, and Claire Paulson, senior vice president of the firm’s O’Hare office represented both buyer and seller. Paulson handles United Stationers’ real estate on a national basis. Additionally, Heller president Jeff Milanaik represented his company.
Heller will be renovating the vacant facility, adding a new roof, loading doors and other modern amenities. "The building will essentially be new when they’re done with it," Shapiro tells GlobeSt.com.
"United did a deal with me last year, for a 594,000-sf warehouse in Cranbury at 100 Liberty Way," Shapiro continues. "They consolidated their Edison and Pennsauken operations into 100 Liberty." Jim Young of G&E’s Philadelphia office is handling the Pennsauken sale of United Stationers’ 9009 Pennsauken Hwy.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Heller Buys Back Warehouse for $9M
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
(To read more on the industrial market, click here.)
EDISON, NJ-Locally based Heller Industrial Parks Inc. has purchased the vacant 190,840-sf industrial building at 75 Executive Ave. here for $9 million from the Des Plaines, IL-based United Stationers. Heller built the facility around 20 years ago to suit United Stationers’ needs, which have since expanded beyond the building’s capacity.
Ben Shapiro, senior vice president of the Grubb & Ellis office here, and Claire Paulson, senior vice president of the firm’s O’Hare office represented both buyer and seller. Paulson handles United Stationers’ real estate on a national basis. Additionally, Heller president Jeff Milanaik represented his company.
Heller will be renovating the vacant facility, adding a new roof, loading doors and other modern amenities. "The building will essentially be new when they’re done with it," Shapiro tells GlobeSt.com.
"United did a deal with me last year, for a 594,000-sf warehouse in Cranbury at 100 Liberty Way," Shapiro continues. "They consolidated their Edison and Pennsauken operations into 100 Liberty." Jim Young of G&E’s Philadelphia office is handling the Pennsauken sale of United Stationers’ 9009 Pennsauken Hwy.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 1:58 PM
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