Joint venture closes on development site in Wharton; plans to build 95K sq. ft. industrial warehouse

Air Products and Chemicals sold its former distribution center in Wharton to West Dewey LLC, a venture between Commercial Realty Group and North Jersey Development Group.

Located at 100 East Dewey Ave., the new owner attained all approvals to construct a brand new 95,000-square-foot industrial/flex building, which will have 28-foot clear ceiling heights, ESFR fire suppression, tailboard and drive-in loading and immediate access to Interstate 80 and Routes 15, 46 and 10. The building is divisible to 6,250-square-foot units.

The CBRE team of Thomas M. Mallaney and Denise Kokulak represented the buyer in the negotiations. NAI James E. Hanson acted on behalf of the seller.

“The acquisition of this site was ideal for our client, as it allows the development of a flex/industrial facility in the heart of western Morris County,” Mallaney said. “Construction of the new development is slated to begin in the spring of 2024.”