N.J. Meadowlands sale hits $12M

Asset features large office component

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SPI Holdings acquired through a 1031 exchange a 102,000-square-foot industrial property in Carlstadt, N.J., for $12 million. The property, located at 190 Jony Drive, is part of Gotham Industrial Park. Locally based Wilson Associates sold the asset fully leased. Located on nearly 4 acres in the heart of the New Jersey Meadowlands submarket, the property houses the world headquarters of Multi Dimensional Resources. A designer and manufacturer of retail point-of-purchase products, the firm subleases the building in its entirety from GiftCertificates.com. Approximately 37.3 percent of the property, or 38,037 square feet, is office space, according to a press statement. ...