Four-Acre Property Houses Fully Occupied, 78,000-SF Warehouse/Retail Building
SADDLE BROOK, N.J., June 14, 2017 – With the recent fee-simple acquisition of four acres at 270 Market Street in Saddle Brook, Key Properties LLC has assumed full ownership of the Bergen County warehouse and retail property. The previously long-term-leased parcel includes a fully-occupied, 78,000-square-foot building that serves as home to United Supply Corp.
The 270 Market Street land lease was among Key Properties’ first portfolio purchases in the mid-1980s, according to David Schlussel, co-managing partner of the Teaneck, N.J.-based commercial real estate development, construction and management firm.
“This property had a very complex, multi-layered ownership structure including the land lease, a master tenant and multiple subtenants,” Schlussel explained. “Over the years, we have purchased these different layers – one piece at a time – to gain greater long-term control. The last hurdle involved the acquisition of 270 Market Street’s fee position.”
Key Properties’ 25-year involvement with 270 Market Street reflects the firm’s long-term approach to real estate investment and operation. “We are pleased to have come ‘full circle’ with this asset,” Schlussel added. “270 Market Street always has been a valued piece of our portfolio.”
The property offers proximity to restaurants, stores and banks; public transportation; and regional thoroughfares including I-80, the Garden State Parkway, and routes 17 and 46. Additionally, it provides flexibility for many potential uses, from its current warehouse/industrial occupancy to those more retail-oriented in nature, according to Schlussel.
Key Properties is a second-generation, family-owned and operated firm. The full-service organization invests in a diverse range of commercial property types – with a focus on value-added potential – and is a leading expert in Brownfields redevelopment and condemnation proceedings. Concentrated in Northern and Central New Jersey, the Key Properties portfolio today includes approximately 500,000 square feet of assets and over 30 acres of developable land. Since its inception in 1983, Key Properties has completed a variety of projects including office, industrial and retail properties, as well as mixed-use developments.
