NAI James E. Hanson on Monday announced the successful negotiation of the $3.3 million sale of a strategically located industrial outdoor storage (IOS) property at 400-450 Swenson Drive in Kenilworth.
The 1.28-acre property features prime IOS space along with 17,040 square feet of industrial/flex space spread across three newly renovated buildings.
NAI James E. Hanson’s team, including Russell Verducci, Eric Demmers, and Colin Goldstein, represented the seller, Fairfield Products Corp., in the transaction.
Strong demand for IOS assets
The sale underscores the continued high demand from both investors and users for well-positioned IOS properties in the highly competitive northern New Jersey market.
“We’re continuing to see strong demand from both investors and users for well-located IOS properties in the northern New Jersey market like 400-450 Swenson Drive,” said Russell J. Verducci. “Our team is pleased to have secured strong value for this asset on behalf of our client, and we wish the buyer all the best with the property.”
Strategic location
The property’s value is significantly enhanced by its location, which offers excellent regional connectivity. It is situated near the Garden State Parkway, Interstates 78 and 95, and provides close proximity to major logistical hubs including Newark Liberty International Airport, Port Newark/Elizabeth, and direct access to New York City via the Holland Tunnel.
