An institutional investor has purchased a seven-building portfolio encompassing more than 315,000 square feet in a $30 million-plus deal, according to real estate firm Sheldon Gross Realty.
The firm said Monday that the deal for the industrial and office/flex buildings in Fairfield was brokered by one of the West Orange-based firm’s executive vice presidents, Robert Nathin.
The properties include:
- 134 Clinton Road/111 Lehigh Drive, a 135,000-square-foot warehouse;
- 130 Clinton Road, a 60,000-square-foot office building;
- 114 Clinton Road, a 32,000-square-foot industrial building;
- 17-19 Lehigh Drive, a 28,700-square-foot industrial building;
- 112 Lehigh Drive, a 26,800-square-foot industrial building;
- 159 Dwight Place, a 19,800-square-foot industrial building; and
- 10 Industrial Road, a 13,500-square-foot flex building.
“When a single town sees the sale of more than 300,000 square feet of office and industrial properties for a total in excess of $30 million, that’s the definition of a large transaction,” Nathin said in a prepared statement. “It speaks to what an attractive location Fairfield is for businesses, for multiple reasons. There are outstanding corporate and warehouse structures throughout the town, and the overall location is remarkable.”
The properties have been managed for years by a Sheldon Gross EVP and property manager, Marcy Gross.
“After managing and leasing these various properties for 20-plus years, we knew them as well as anyone possibly could,” she said in a statement. “And this was a major benefit to the owners when this opportunity arose. There were no surprises — everything was quite clear, because we were able to answer any question that arose.”