Palmer Terrace Realty Associates has sold a 60,400-square-foot, single-tenant, last-mile distribution facility at 2 Palmer Terrace in Carlstadt, N.J., in the heart of the infill Meadowlands industrial market.
Legacy Capital purchased the asset; however, the sales price was not disclosed.
Situated on three acres, 2 Palmer Terrace is only five miles from New York City and less than one mile from the New Jersey Turnpike (Interstate 95), providing direct access to one-third of the North American population — over 130 million consumers — within a one-day drive time. Additionally, the property is proximate to Newark International Airport, a major cargo hub, and Port Elizabeth-Newark, the principal ship facility for the New York metropolitan area.
Originally constructed in 1977, the column-free building features some of the best clear heights in the Meadowlands, which range from 7 to 39 feet, along with four oversized drive-in bay doors that can accommodate indoor
