NAI James E. Hanson negotiates $2.1M sale of under-construction industrial building in Sparta

NAI James E. Hanson on Monday said it negotiated the sale of a 14,018-square-foot industrial building for $2.1 million at 12 Aaron Way in Sparta.

NAI Hanson’s John Schilp represented the seller, LTJV LLC, in the transaction.

Strategically located in White Lake Commerce Park, Sparta’s newest and most successful industrial development, 12 Aaron Way is an under-construction, 14,018-square-foot industrial building situated on 1.99 acres and featuring 21-foot clear ceiling height, no columns, eight 14-foot drive-in doors and ample on-site parking. The building is also situated in an economic development zone to provide ideal flexibility.

The transaction highlights Schilp’s continued role in the creation of the White Lake Commerce Park. Beginning in 2019, Schilp was retained to facilitate the sale of the 12 lots making up the White Lake Commerce Park. With the sale of the last lot closing in 2019, Schilp has now brought several developers to the White Lake Commerce Center to construct owner-occupied and spec industrial buildings ranging in size from 10,000-40,000 square feet. In addition, Schilp’s work has brought several high-quality tenants and buyers to the completed buildings already open at the property.

LTJV LLC had worked with Schilp in the past to lease and sell additional buildings within the White Lake Commerce Park and tapped him again to handle the sale of its newest property. Schilp was able to quickly line up several buyers and a match was made between the seller and the owner of a successful trucking company that had plans to relocate upon purchasing the property.

“The competition for flexible and well-located properties in markets like Sparta continues to grow by the day,” Schilp stated. “Once a property such as 12 Aaron Way hits the market, it becomes an instantaneous frenzy of prospective buyers throwing their name in for consideration. Sellers in northern New Jersey are in an incredible position to maximize the value of their assets and we’re thrilled to continue to secure value for our clients in this market.”