Former Biodiesel Refinery Accessible By Water, Rail and Highway, 126 Passaic Street Includes Hazardous Materials Storage Permit
NEWARK, NJ, — An industrial facility located at 126 Passaic Street in Newark, N.J. will be sold via real estate auction by Madison Hawk as part of the property’s Chapter 11 bankruptcy proceedings.
The one-day auction will take place on Wednesday, April 30th at the Newark Hilton Hotel at 1770 Spring Street in Elizabeth, N.J., according to Jeff Hubbard, President of Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales.
The auction will include the sale of a five-story, 56,000 square-foot warehouse building, 6,000 square-foot office, a laboratory trailer and a 4 million gallon storage tank. The property — which formerly housed a Biodiesel Refinery — can accommodate a variety of industrial uses and includes permits to store hazardous materials.
The site will be sold subject to final approval from the United States Bankruptcy Court District of New Jersey. Registration begins at 11:00 AM, with the auction commencing at 12:00 PM. Qualified bidders are required to bring a $250,000 certified check to the auction. Site inspections are available by appointment.
“This four-acre site is an excellent investment opportunity for an industrial user or developer looking to relocate or establish a presence in a location easily accessible by rail, river or highway and in a defined industrial area,” says Mr. Hubbard.
“The existing infrastructure and bulk storage capacity offers the flexibility for a variety of potential uses, including production, shipping and more. Its Hazardous Materials Storage Permit allows the purchaser to either maintain the property’s original use or pursue other chemical and production storage options.”
Situated on the Passaic River, 126 Passaic Street has barge access and direct access to rail service via the Norfolk Southern Railroad. Major highways are also nearby, including Routes 280 and 95. The property features two freight elevators, 57 storage tanks, a bulkhead for barge access, four truck bays and loading capacity for up to 10 rail cars.
A detailed Due Diligence Packet is available and contains specific information related to the property, the auction and the terms of sale.
For more information, please call (800) 547-1045, or visit www.MadisonHawk.com/Auctions/Newark.
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. http://www.madisonhawk.com