A Hackettstown flex-industrial complex was sold to a New York real estate investment company.
Devli Group bought the Hackettstown Commerce Park, a three-building complex with access to Route 46 and Interstate 80, Morristown real estate firm The Hampshire Cos. announced.
The park currently is 88 percent leased, with unit sizes ranging from 2,600 to 30,000 square feet, with clear ceilings 24- to 25-feet-high and ample parking.
The complex includes the U.S. Department of Agriculture, Andrex, Rollon, Computer Wholesalers Inc., Rotarex and On-Demand Technology Solutions.
“New Jersey’s northwest industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” said Igor Derbaremdiker, director of dispositions for The Hampshire Cos.
“Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro forma. The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
Andrew Merin, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented The Hampshire Cos. in the transaction.
