50 Tannery Road in Readington — Courtesy: Sheldon Gross Realty
By Joshua Burd
The longtime owner of a nearly 12,000-square-foot warehouse in Readington has sold the property, in a newly announced deal by Sheldon Gross Realty.
Located at 50 Tannery Road, the facility is home to a tenant that uses the space for distribution of industrial filtration and fluid-handling equipment, according to a news release. That occupier has been in place for more than a decade.
Sheldon Gross Realty Corporate Sales Representative Joshua Glussky brokered the sale of the 11,700-square-foot building, which traded at a capitalization rate of 7.8 percent. Additional terms were not disclosed.
“When a tenant stays in place for that length of time, it speaks volumes,” Glussky said. “This property basically defines the concept of ‘central location.’ It’s right in the middle of everything, which provides multiple benefits — including quick outbound and inbound transport and easy access the area’s best talent.”
Sheldon Gross noted that the building, part of the Readington Industrial Center Condominium Association, is minutes from interstates 78 and 287. It’s also 35 miles from Trenton-Mercer Airport and a 45-minute drive from Newark Liberty International Airport.
