NAI Fennelly sold a 48,000-square-foot industrial building in Ewing for $600,000, according to a Tuesday announcement.
Located at 94 Stokes Ave., the asset is a four-story, 48,000-square-foot industrial building in a highly accessible location nearby to Routes 1, 29 and 31. Built in 1940, this historic building started off as a propulsion laboratory for the Navy during World War II. Today, the property features ample parking, 10-foot ceilings, two drive-ins and a loading dock, making it a desirable flex building well suited to house a diverse array of businesses, as it has done for the past 80 years.
Looking to retire and sell his property, which was 50% leased, the seller, Pat Napatano, tapped Jerry Fennelly of NAI Fennelly, who understood that Napatano had been unsuccessful with previous representation. Reflective of NAI Fennelly’s unmatched local market knowledge, Jerry Fennelly and Matthew Fennelly were able to find and secure a buyer in 24 hours and close the sale in just 35 days.
The Brooklyn-based buyer recognized the building’s strong potential to expand its wholesaling business and agreed to purchase the building.
“Due to the extreme demand for New Jersey warehouse space, the pricing velocity continuously fluctuates and deals often take months to come to a close as buyers fight each other for a few extra cents per square foot,” Jerry Fennelly said. “This deal speaks to our firm’s ability to get deals done quickly while still realizing the full value of the property for the seller. It is exciting to see this historic building begin its next chapter and to have helped my client accomplish their real estate goals ahead of schedule.”