NAI James E. Hanson announced it has brokered the sale of a 157,822-square-foot industrial building at 700 Bartley Chester Road in Flanders, N.J.
NAI Hanson’s John Schilp represented the seller, 700 Bartley Chester Road, LLC and Josh Levering, SIOR, represented the buyer, CRG 700, LLC, in the NAI James E. Hanson exclusive transaction.
NAI Hanson’s relationship to the property extends almost thirty years as John Schilp sold the land to build 700 Bartley Chester to the original owner in 1988.
The buyer, CRG 700, LLC, purchased the property as a long-term industrial investment due to the continued high demand for well-located, over 100,000-square-foot industrial properties and the attractive terms of the current lease.
The property’s tenant, Uncommon Logistics, has occupied the entirety of the building since 2011 and signed a 7-year lease extension earlier this year. Uncommon Logistics is currently under contract to provide warehousing and logistics services to Givaudan Fragrances Corporation.
700 Bartley Chester Road boasts four one-ton crane rails and two half-ton crane rails, 11 tailgates, three drive-ins, 82 parking spaces and 8,524 square feet of office space. The property is well-located in a Designated Free Trade Zone less than a mile from Route 206 and offers convenient access to Route 46 and Interstates 78, 80 and 287.
“We have seen a sustained shortage of available industrial space amidst unwavering strong demand from distribution and warehousing users in traditional markets such as the Meadowlands and Port Newark and Elizabeth,” said Schilp.
“As companies look west for affordable and available industrial space, regions like Morris County are becoming more attractive plays for investors searching for lower barriers to entry to acquire stable and income-generating properties. Our long-standing relationship with 700 Bartley Chester allowed us to leverage our experience and market knowledge to ensure a mutually beneficial deal for both of our clients.”
There was over 5,600,000 square feet leased in the Northern and Central New Jersey industrial market in the second quarter of 2017, according to a report from NAI Hanson. This was an increase of over 750,000 square feet from the previous quarter.