A 58-acre manufacturing site located near Exit 9 on the New Jersey Turnpike in Spotswood was sold for $40.25 million, according to a Tuesday announcement from NAI Fennelly.
NAI Fennelly’s Jerry Fennelly and Patrick Dintrone represented the seller in the sale to a private institutional buyer.
The seller operated the facility from 1941 to 2020, when it consolidated manufacturing at other locations and tapped NAI Fennelly to market the site for sale.
Located at 85 Main St., the property sits less than a mile from Route 18 and five miles from Exit 9 on the New Jersey Turnpike. Additionally, the asset’s dual freight line rail connectivity made it an ideal candidate for redevelopment into an institutional quality warehouse and manufacturing facility.
Capitalizing on the strong demand for redevelopment sites along the New Jersey Turnpike, NAI Fennelly’s team immediately began a comprehensive marketing strategy that would highlight the property’s redevelopment potential. Leveraging its significant experience with marketing similar properties in the industrial submarket, the team created a marketing strategy that led to 40 showings, 20 offers and 10 financial statements in the first 30 days.
“Selling manufacturing assets can be difficult for large international companies,” Fennelly said. “Far too often, a lack of local market knowledge and experience can make the sales process lengthy, expensive and frustrating. However, working with NAI Fennelly allows international and national companies the opportunity to tap into our unparalleled experience in the central New Jersey market and enjoy the full end-to-end sales experience focused on efficiently securing the highest market value for any commercial asset.”