Diversified Properties has acquired a 9,000-square-foot industrial building in the Towaco section of Montville, the company announced Wednesday.
The building is fully occupied now, but the existing tenant is scheduled to vacate its space upon the conclusion of its lease at the end of the year and its former space will be available to a single user.
The building, located just off Route 202 nearby Exit 47 on Interstate 287 at 1 Indian Lane E., is a single-story industrial building featuring modern offices, a loading dock and a direct entry overhead door.
Diversified Properties founder and Managing Principal Nicholas Minoia is confident the building will draw a lot of interest.
“Industrial assets in markets like Morris County continue to benefit from the space crunch seen in areas to the east around the Meadowlands, Port Newark and Elizabeth,” he said. “As construction continues to lag behind demand in primary markets, buildings in areas like Montville are well-positioned to see strong demand for years to come.”
The acquisition adds to Diversified Properties’ growing portfolio of industrial assets in northern New Jersey. In 2020, the firm acquired Mars Industrial Park, a five-building, 108,000-square-foot industrial portfolio with a diverse tenant base of local and international tenants in nearby Montville.
In addition, the company currently has over 350,000 square feet of industrial space in its development and acquisition pipeline.