Cushman & Wakefield announced on Monday DLP Real Estate Capital has sold the Fox Hollow Industrial Science Center to a private investor for $6.4 million.
The commercial real estate services firm’s New Jersey capital markets team arranged the sale of the 42,653-square-foot flex/industrial property located at 3434 Route 22 in Branchburg.
C&W’s Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Jordan Sobel, all investment sales specialists, represented the seller and procured the buyer.
The asset is currently leased to three tenants: Cimquest Inc., Bovine Collagen Products and Blue Hill Data Services.
“Fox Hollow’s diverse tenant roster and strong cash flow made the asset particularly attractive to the buyer,” Schwartz, senior director at Cushman & Wakefield who led the assignment, said. “Further, the Branchburg industrial submarket, which has an inventory of more than four million square feet, boasts a tight vacancy rate of less than three percent. Fox Hollow itself has historically enjoyed high occupancy as its flex/industrial space is in such high demand.”
The property, which was constructed in 1988 and is situated on 6.53 acres, has amenities including 22-foot ceilings, 40×40 column spacing, four loading docks and a 3.78 per 1,000-square-foot parking ratio. It is within close access to Route 22 and interstates 287 and 78.
“DLP Real Estate Capital acquired this asset in extreme distress. We were able to successfully stabilize and unlock significant value creation for its investor base,” Anthony Ruben, director of investments of DLP Real Estate Capital, said.
