Kislak Commercial on Monday announced the recent sale of a 14,000-square-foot industrial building in Montclair for $2.1 million.
The Woodbridge-based brokerage marketed the property on an exclusive basis, with Executive Vice President Peter Wisniewski and Vice President Stephen Gianis managing the assignment on behalf of the seller, Improved Industrial Methods. Wisniewski and Gianis also procured the purchaser, a joint venture between the Becker Organization and Greenwood Development. This was a first-time transaction for Kislak with the seller and purchaser in their exclusive representation of the property.
“154 Pine St. was a unique, older industrial property with parking in a highly desirable, mixed-use section of Montclair. The property generated interest from a wide range of investors, owner-users and developers, with multiple offers considered. The tremendous activity generated around this property is reflective of the current state of the industrial market in New Jersey,” Wisniewski said.
“The Becker Organization and Greenwood Development were the perfect buyer for this property because of their years of experience in Montclair working on similar assets,” Gianis added.
Located at 154-162 Pine St., the asset is a one-story brick building with three loading, drive-in doors; 17-foot ceilings with dropped ceiling grids; fluorescent lighting; and approximately 5,000 square feet of parking within a fenced, gated, paved lot adjoining the building.
Zoned C-2 for General Business and Light Manufacturing, the property’s permitted uses range from warehouse, wholesale distribution, commercial laundries, auto repairs, certain types of restaurants, retail and other uses, to new residential development including senior housing, as per the R-4 three-story apartment zoning. Future plans for the property have not been disclosed.
Located in the center of Montclair, the asset is adjacent to a CVS Pharmacy-anchored strip center, blocks away from Mountainside Hospital and downtown Montclair. It is also easily accessible to Interstate 280, the Garden State Parkway and the Bay Street and Walnut Street train stations.
