The $91.2 million sale of an industrial portfolio in Bayonne, New Jersey, beat the odds in more ways than one.
The Waitex International transaction was the largest industrial deal in the region in terms of space, encompassing around 613,000 square feet of rentable building area across a 17.9-acre campus. Waitex, which occupied 90% of the space at the time of the deal, sold the logistics properties to Turnbridge Equities in April last year, a challenging period.
That's why the deal earned a 2026 CoStar Impact Award for Northern New Jersey, as judged by real estate professionals familiar with the market. By closing on multiple properties during a period of global trade disruption, the sale reset pricing expectations, reclassified Bayonne as a core port-adjacent logistics market and directly influenced future capital allocation and transaction activity across Northern New Jersey.
The deal managed to obtain financing and close despite elevated interest rates; continued uncertainty surrounding U.S.-China trade policy and the tariffs implemented by the Trump administration, and a slowdown in institutional transaction activity.
About the project: The deal included four distinct industrial properties at 169 Pulaski St. as well as 74-76, 73-75 and 77-79 Gould St., along with an adjacent industrial land parcel at 130 Pulaski St. So, unlike a single-asset disposition, the sale required full underwriting and diligence across four separate sites, each with distinct building characteristics, zoning classifications, deed structures, environmental conditions and operational profiles.
The transaction also demonstrated the ability of broker Okada & Co., a minority-and-women-owned business, to execute a deal at an institutional scale, expanding market confidence in who can successfully originate, structure and close complex multi-asset industrial transactions under volatile conditions.
What the judge said: The sale deserves to be noted because of the "size and complexity of the transaction" and the "challenges it overcame," said Beth Chezmar, vice president of Lee & Associates Commercial Real Estate Services.
They made it happen: Listing broker Christopher Okada, CEO of Okada & Co.; buyer broker Emanuel Westfried, founder of Two Bins Capital; seller Waitex International, and buyer Turnbridge Equities.