Two industrial properties in Roxbury have been sold for $1.9 million, according to real estate brokerage Charity Realty International.
The former PRC Laser Corp. buildings were sold to developer Commerce Park Investors LLC. The properties at 350 and 360 N. Frontage Road are a vacant 16,200-square-foot office and warehouse facility and an 18,670-square-foot industrial flex property, respectively, the firm said in a news release.
“This was a fantastic opportunity to capture two prime Morris County freestanding industrial buildings,” Charity Realty President James Costanzo said in a prepared statement. “The properties are visible from Interstate 80, have tailboard and drive-in loading, heavy power distribution, backup gas-fired generators and are 100% air conditioned. They became available after the purchase of PRC Laser by seller Coherent Tios Inc.”
Charity Realty is handling the leasing of the properties, it noted.
“We tailored a clean, low-contingency transaction that made it easy to accept for a public company,” Costanzo said. “Both properties will undergo an extensive rehabilitation that will bring them to like-new condition.”
A Colliers International team led by Jack Callahan, associate, represented Coherent Tios.
In accordance with Charity Realty’s charity pledge, a grant for $4,750 was gifted to the Mental Health Association of Essex & Morris as a result of the transaction.