NAI Hanson negotiates sale of industrial/flex building in Morris County

NAI James E. Hanson has negotiated the sale of an industrial/flex building in Parsippany, the commercial real estate firm announced Wednesday.

Barry J. Cohorsky and LJ Koch of NAI Hanson represented the seller, Kent Industrial, in the deal. Rick Rizzuto and Tim Patterson of Transwestern represented the buyer, Boston-based equity investor Longpoint Realty Partners.

The 67,434-square-foot property is situated on 5 acres at 60 E. Halsey Road. It offers 12,000 square feet of office space, seven loading docks and 16- to 25-foot ceilings. The building is also situated directly off Interstate 287’s Exit 40 and provides access to interstates 78 and 80.

“The Morris County industrial submarket, although smaller than surrounding markets, continues to be in high demand from investors and users searching for well-located opportunities in the current stage of the market,” Cohorsky said. “With asking leasing rates seeing a steady increase, now well over $8-per-square-foot and higher in some buildings, we are experiencing an all-time low in vacancy and there is a great demand, presenting a favorable environment for sellers.”

Kent, a manufacturer and distributor of bicycles, is planning to relocate its manufacturing operations to the space, NAI Hanson said.

“We’ve worked with several brokers over the past three years and consistently were promised high returns but they all failed.  However, through the work of Barry and LJ, using creative sales techniques helped establish a positive market and we reached a more than satisfactory deal with a buyer,” Arnold Kamler, CEO of Kent, said.

Financial terms of the deal were not disclosed.

“The successful sale of 60 E. Halsey Road on behalf of our client showcases the advantage of working with a brokerage team that is tapped into the local market. Our deep experience in northern New Jersey allows our team to develop marketing strategies that attract motivated buyers and help our clients secure premium prices for their assets,” Koch said.