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Avison Young brokers sale of Paper Mart distribution center in East Hanover, NJ

Avison Young brokers sale of Paper Mart distribution center in East Hanover, NJ October 19, 2021

Avison Young brokers sale of Paper Mart distribution center in East Hanover, NJ

Urban Edge Properties purchased the 187,013-sf industrial property as part of its acquisition and redevelopment strategy

Morristown, NJ – Avison Young announced today that its New Jersey office has arranged the sale of Paper Mart’s warehouse and distribution center at 151 Ridgedale Avenue in East Hanover, NJ. The 187,013-sf building was purchased by New York-based REIT Urban Edge Properties as part of the company’s strategy to acquire value-driven properties with the potential for lease up, expansion and redevelopment.

Avison Young Senior Vice Presidents Matthew Turse, Timothy Cadigan, and Avison Young Associate Grant Otto represented Paper Mart while Tom Consiglio and Scott Peck of Resource Realty represented Urban Edge Properties.

“This is a unique disposition where the seller is selling the property back to the entity from whom it was originally purchased in 1978,” said Turse . “Acquiring back 151 Ridgedale Avenue presented Urban Edge Properties with the opportunity to own  all of the commercial assets on the block and further their investment strategy of purchasing assets  in high barrier-to-entry markets.”

151 Ridgedale Avenue spans 187,013 sf across a 9.17-acre site in East Hanover, NJ. The property has served as Paper Mart’s headquarters as well as their warehouse and distribution facility for its paper and office supply products since they acquired it from Vornado, now Urban Edge Properties, in 1978.  Its location allows for quick highway access with Newark Airport, Port Newark/Elizabeth, the Lincoln Tunnel, Port Jersey and the George Washington Bridge all under 30 miles away.

Family-owned and operated since 1940, Paper Mart specializes in paper products and envelope selection and usage. In addition to providing papers, envelopes, labels, card stocks, and other related products, Paper Mart also provides a variety of custom printing, cutting, and finishing services to businesses and consumers. 

 

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

 

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For more information:

Natalie Weiner, Media Relations & Content Specialist, Northeast: +1 212 219 7055