The Hampshire Cos., a real estate investment firm based in Morristown, announced Tuesday the sale of an industrial building in Fairfield.
The 71,048-square-foot building at 16 Law Drive was purchased by MOP Realty LLC c/o JEEN International. It features 65,893 square feet of warehouse space and 5,155 square feet of office space. Additionally, it has two loading docks, two drive-in doors, 102 parking spaces and new lighting.
JEEN is a technical marketer and manufacturer of cosmetic ingredients. It said continued strong growth at the company is why it purchased more warehouse and office space near its existing headquarters at 24 Madison Road in Fairfield.
The property is located within close access to Route 46 and Interstates 80, 280 and 287.
“We recognized that the continued tightening of the northern New Jersey industrial supply and elevated demand for quality, well-located spaces made now the right time to market this property for sale,” said Igor Derbaremdiker, director of dispositions for The Hampshire Cos. “The building’s high level of flexibility and adaptability along with its ideal location in one of the state’s most appealing submarkets made the asset highly attractive and aligned well with the demands of industrial owner-operators. Each of these factors played a significant role in our ability to sell the asset and generate an attractive yield for our investors.”
Chad Hillyer and Jenna Imperatore of Jones Lang LaSalle represented The Hampshire Cos. in the deal.
Financial terms were not disclosed.