Cushman & Wakefield said Thursday that it arranged the sale of a 42,000-square-foot industrial asset located at 5 Astro Place in Denville. The final sale price was $7.2 million.
Cushman & Wakefield’s Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller and procured the buyer, with Mark Zaziski and Pat Decker, also of Cushman & Wakefield, providing leasing expertise.
“Industrial assets have been in strong demand in New Jersey, especially in the highly accessible Denville-Rockaway market,” Schwartz said. “The property’s ideal location, coupled with its recent renovations, makes it a very desirable acquisition.”
5 Astro Place is situated on 3.41 acres of land and features a 2-year-old roof, freshly paved parking lot, 18-foot clear heights, six loading docks and three drive-ins. The property is currently leased to three tenants.
The asset is located five minutes from Interstate 95 with direct access to the Port of Newark and New York City.