January 18, 2022 10:52 AM
Newmark announces the $39 million sale of 100 Commons Way in Rockaway, NJ. The property is a 352,461-square-foot regional printing, assembly and distribution facility situated on 45.8 acres located 1.5 miles off I-80. 100 Commons Way is long-term leased to Gannett at below-market rent within one of the most supply-constrained markets in the country, demonstrated by single-digit vacancy and average rent growth of 45%+ over the last three years.
The Tri-State Newmark Capital Markets team was led by Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, Associate Jason Emrani and Transaction Manager Maria Betancourt with support from Managing Director Chris Koeck, who represented a private seller and procured the buyer, a joint venture between Institutional Investors advised by J.P. Morgan Asset Management and Ivy Realty.
Gannett is a wholly-owned subsidiary of the country’s largest newspaper publisher and utilizes the asset to produce and distribute multiple publications across the NY Metro region. 100 Commons Way was developed in 1989 as a built-to-suit for the Company and expanded in 2006 with clear heights above 45’ to support the tenant’s growing operations, in addition to significant investments in equipment and base building systems.
“The Buyer was attracted to the property for its compelling in-place yield and upside driven by below-market rent and lower basis, along with its long-term redevelopment potential,” said Welsh. “The combination of these investment features is rare to find in today’s ‘white-hot’ industrial market.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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