Edison warehouse sells for $8 million

EDISON – Colliers, a diversified professional services and investment management company, has announced the successful $8 million sale of a vacant 29,000-square-foot warehouse at 6 Olsen Ave.

The Exit 10 industrial submarket has seen tremendous rent growth of more than 70% in the past four years, according to Colliers. Colliers Vice Chair Jacklene Chesler and Vice President Patrick Norris represented the private seller in the deal.

Christopher Galiano of NAI DiLeo-Bram & Co. represented the buyer, who will occupy the building.The industrial building has 26,000 square feet of industrial space, 3,000 square feet of office space and 100 parking spaces.

“This market has increased the number of user-buyers that are looking to invest long-term in their business,” said Chesler in a news release. “With an investment in real estate, companies are in a better position to manage their overhead expenses and invest in a longer exit strategy due to appreciation. The financing options for small business owners are aiding their ability as well.”

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“Despite an elevated interest rate environment, well located industrial assets continue to draw strong interest particularly from users,” said Norris in the news release.

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With more than 20 million people living within 50 miles of the property, 6 Olsen benefits from its access to a dense labor market and diverse population. The county's business ecosystem, top-ranked public education system, and entertainment venues have contributed to its growing reputation as a dynamic hub in the region.

Strategically located near the Port of New York & New Jersey, the number one U.S. port by volume, and Newark Liberty International Airport, the property is highly accessible to distribute goods and services worldwide.

The warehouse offers unparalleled accessibility to New York City and Philadelphia, as a result of the county's commuter-friendly infrastructure. It is positioned with easy access to major highways, such as the New Jersey Turnpike, and public transportation, such as the NJ Transit train service.

Brad Wadlow is a staff writer for MyCentralJersey.com

This article originally appeared on MyCentralJersey.com: Edison warehouse sells for $8 million