73K sq. ft. office building (and neighboring property) sold to Birch Group, JLL says

An office building and neighboring commercial building located in a Foreign Trade Zone in Mount Olive have been sold, according to real estate firm JLL Capital Markets.

The 73,000-square-foot building at 500 International Drive and the 7,115-square-foot building at 150 Clark Drive were sold by a private seller to the Birch Group, based in New York state.

The three-story property at 500 International Drive was built in 1987 by the Rockefeller Group, recently renovated, and currently fully leased to 16 tenants in a variety of industries.

The JLL Capital Markets team representing the seller included: Kevin O’Hearn and Jose Cruz, senior managing directors; Fred Hyatt, senior vice president; Steve Simonelli and Michael Oliver, senior directors; and Nicholas Stefans, associate.

“This sale reflects the continued strong interest for high-quality, well-leased suburban office product, even during this challenging pandemic,” O’Hearn said in a prepared statement. “And this is our second sale in two months to the Birch Group, who performed exceptionally well and remain one of the most active investors in this market.”

The buildings are located in the International Trade Center, a business and commerce center that is designated as a Foreign Trade Zone, which offers companies tax incentives on merchandise imported for manufacturing when the final product is exported.