A vacant fraternal organization headquarters in Bordentown, a 22,000-square-foot mixed-use building on 9 acres, has been sold for $4.13 million, according to a Wednesday announcement from Fennelly Associates.
Located at 103 Dunns Mill Road, the building was originally constructed in 2010 as the home of the New Jersey chapter of the Scottish Rite. Declining membership forced the national fraternal organization to place the property for sale.
Jerry Fennelly, president, and Matt Fennelly, associate, represented the seller, the Scottish Rite, in the transaction with the buyer, Tosh Wolfe CIA, CPA.
Leveraging the property’s GC-1 approved zoning, Wolfe intends to redevelop the property into a 182,000-square-foot warehouse facility to address the growing demand for industrial space in the central New Jersey market.
The new ownership plans to break ground on the project later this year.
“Buildings designed around a specific use like 103 Dunns Mill Road are often difficult to sell,” Fennelly said. “For this assignment, we leveraged our extensive network to connect our client with a buyer interested in finding a second life for the property. We are happy to have helped our client trade their asset and we want to wish Tosh the best of luck as he begins the redevelopment process.”
