Urban Edge Properties Acquires Warehouse From Paper Mart In East Hanover For $1.87M

The property asset involved in this transaction is a warehouse and distribution center located at 151 Ridgedale Ave, East Hanover, NJ. The facility covers a total square footage of 187,013 and is situated on a 9.2-acre site, which has been utilized as the headquarters for Paper Mart since 1978.

Summary of transaction details:

• Property Type: Warehouse
• Transaction Amount: Not disclosed
• Address: 151 Ridgedale Ave, East Hanover, NJ
• Market: East Hanover
• Seller: Paper Mart
• Buyer: Urban Edge Properties
• Seller's Representative: Matthew C. Turse - Avison Young, Timothy Cadigan - Avison Young
• Buyer's Representative: Tom Consiglio - Resource Realty, Scott Peck - Resource Realty
• Square Footage: 187,013

Avison Young facilitated the transaction by representing the seller, Paper Mart, through Matthew Turse and Timothy Cadigan. The buyer, Urban Edge Properties, a New York-based REIT spun off from Vornado Realty Trust in 2015, was represented by Tom Consiglio and Scott Peck from Resource Realty.