Joint venture buys five-building Montville industrial portfolio

A joint venture between two North Jersey real estate firms has purchased a Montville industrial portfolio, Diversified Properties — one of the partners — announced this week.

An affiliate of Montville-based Diversified, along with HLF Montville LLC, an affiliate of the Morristown-based Hampshire Cos., purchased the group of five fully-leased buildings, which comprise approximately 100,000 square feet on 15 acres, from Montville-based Urmston Realty Corp.

The Mars Court Industrial portfolio was 100% leased to 18 industrial tenants with long-term leases, Diversified said in a news release.

Gregory J. Sabato and Scott Peck of Resource Realty represented both parties in the transaction, and Diversified has retained the team as its exclusive leasing agents for the portfolio.