A four-building, 75,097-square-foot industrial complex in Trenton was sold for $5.6 million to Third Street Trenton LLC, according to a Wednesday announcement from NAI Fennelly.
The Hamilton Township-based commercial real estate solutions provider’s Jerry Fennelly and Matthew Fennelly represented the seller, Mary & Thomas Realty LLC.
Located at 292 3rd St., the property previously served as a regional Budweiser distribution facility and sits on a total of 5.14 acres.
The focal point of the four-building property is Building 3, the largest structure, which is 44,500 square feet. The space is fully refrigerated and boasts 32-foot clear ceilings, making it ideal for a wide range of cold storage warehousing and distribution usages. In addition to the refrigerated space, Building 1 provides 12,557 square feet of warehouse space with 30-foot clear ceilings, Building 2 features 14,540 square feet of office space and Building 4 serves as a 3,500-square-foot truck repair building.
The property is located in an Urban Enterprise Zone and a Qualified Opportunity Zone and also provides access to a wide range of additional incentive programs. The UEZ program provides a credit against the entire net income component of the corporation business (income) tax to corporations actively conducting business from a location within a designated enterprise zone, for certain new, full-time, permanent employees. QOZs are designed to spur economic development by providing tax incentives for investors who invest new capital in businesses operating in one or more QOZs.
“Trenton’s location at the gateway to the Philadelphia and New York City markets and the highly favorable incentive packages available to business operating within it continues to make it stand out in New Jersey’s tight real estate market,” Jerry Fennelly said. “By leveraging our expertise we were able to navigate a highly competitive market to secure a premium value for this one-of-a-kind property.”