CBRE arranges $1.5M sale of industrial building in Hackettstown

CBRE has arranged the $1.5 million sale of an industrial building in Hackettstown, it announced Thursday.

Charles Berger and Elli Klapper, first vice presidents of CBRE’s Investment Properties team, along with Thomas Mallaney of its Advisory & Transaction Services group, completed the sale of 999 Willow Grove St. on behalf of the undisclosed seller.

The property is a two-story, 45,000-square-foot industrial building located in Hackettstown’s industrial corridor. The property, which encompasses over 12 acres, is currently 50 percent occupied. It is located within close proximity to Routes 46, 80 and Interstate 287.

“This transaction speaks to the continued strength of the New Jersey industrial/flex market in both urban and suburban areas and the strong interest from investors in other regions. We collaborated with our CBRE industrial leasing group to ensure potential buyers fully understood the market and the significant upside potential this property presented. Not only was it 50 percent vacant, there was also a significant development opportunity, as there was ample unused acreage available for potential uses,” Berger said.