Two industrial properties in Boonton have been sold to a developer for $2.1 million, according to real estate firm Charity Realty International.
River Walk LLC purchased the buildings at 2 Plane St., a vacant, 23,000-square-foot former Fritz Lenox warehouse; and 30 Plane St., a 27,000-square-foot industrial complex. In addition to the $2.1 million, the buyer is paying environmental cleanup costs, Charity Realty noted.
“Industrial properties with good highway access will always be in demand,” James Costanzo, president of Charity Realty, said in a prepared statement. “The greater appeal of Plane Street is its redevelopment potential. Both properties have high-density residential zoning. A couple blocks away from downtown Boonton, the train station and in a riverside setting, the site attracted a few highly qualified offers.
“The transaction was more complicated than most, with multiple owners, environmental issues and closed because of River Walk’s experience, drive and ability to work with others.”
Fairfield-based Charity Realty donates between 10-30% of commission revenues, it said. This sale benefited Chatham Borough Fire Dept., American Lung Association and the Canal Society of New Jersey through grants.