Resource Realty of Northern New Jersey (RRNNJ) recently completed five industrial transactions in northern New Jersey, as the commercial real estate sector continues to demonstrate strength in the region.
The Parsippany-based firm recently finalized two sales, totaling $7.5 million, and three industrial property leases.
The larger of the two sales involved the $4.5 million acquisition of a 28,000-square-foot industrial property located at 273 Franklin Road in Randolph. RRNNJ Principal Tom Consiglio represented the buyer, Commerce Park Investors, which had retained the firm as the exclusive sales agent for the property. The seller was a private individual.
The single-story warehouse/industrial building, which was originally designed as an industrial condominium with individual units of 2,600 square feet, featuring separate metering, a loading dock, and office. The property is near routes 10 and 46.
“The purchaser immediately began refurbishing the building to bring it back to its original use,” said Consiglio. The seller had acquired the separate units over time. Consiglio said improvements included new entrances, façade enhancements, a parking lot upgrade, office space renovations and new utilities. “This is a rare investment opportunity for a user/owner small business to acquire space of this size and quality in Morris County,” he added.
The second sale, arranged by RRNNJ Principals Greg Sabato and Brian Wilson, involved the $3 million trade of a 12,000-square-foot flex/light manufacturing building at 19 Gloria Lane in Fairfield. The firm represented the unnamed seller. The property’s versatile space was a strong selling point.
RRNNJ also completed three lease transactions. Firm principals Sabato and Scott Peck represented both the landlord and the tenant, a video production company, in a 16,269-square-foot industrial lease at 5 Just Road in Fairfield. The tenant is expanding its operations in the area.
Wilson and Peck also arranged two renewals on behalf of an unnamed landlord: a 17,500-square-foot lease and a 15,000-square-foot lease. The property is located in Rockaway Township.
