Glass supplier CR Laurence Co has acquired an industrial infrastructure in Secaucus, NJ that spans 146,000 square feet. The company plans to expand and move its headquarters in the said site. The property was purchased for $18 million, according to North Jersey.
Presently located at 211 County Ave in Secaucus, the company is transferring its headquarters to 60-70 Seaview Drive, according to real estate company Cushman & Wakefield Inc on Monday. The latter was the representative of the buyer and seller in the sale of the industrial property, the report detailed.
Although the value of the deal was not disclosed by Cushman & Wakefiled, commercial real estate tracker CoStar reported that an $18-million transaction was closed on December 27. The data company also said that CR Laurence has put its current headquarters up for sale for over $5 million, the report stated.
Cushman & Wakefield broker Stephen Elman explained: "The requirement was for a larger facility to allow the company to expand their product line. The company also wanted to be in close proximity to their existing facility because many of their customers pick their orders up from their distribution center."
The new location of the glass supply firm is a one-storey facility that stands on a 6.7-acre property, North Jersey reported.
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