NEW JERSEY—Cornerstone Real Estate Advisers has acquired 115 Moonachie Ave. in Moonachie, N.J. from Russo Development. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York institutional group worked with Bill Waxman of CBRE’s Saddle Brook office to represent Russo Development in the sale. The team was also responsible for procuring the buyer.
Kevin Miller, vice president, acquisitions, acted for Cornerstone Real Estate Advisers and Omer Mir Ahmed, senior vice president, acquisitions, for Russo Development, represented the ownership.
Constructed in 2000 By Russo Development, 115 Moonachie Ave. contains approximately 168,000 sq. ft. of industrial space located in the Meadowlands. At the time of the sale, the property was 100 percent leased to three tenants.
The property includes 28-ft. ceiling heights, one dock per 6,750 sq. ft., sprinkler system and brick clad façade.