154-162 Pine St. in Montclair — Courtesy: Kislak Commercial Real Estate Services Inc.
By Joshua Burd
A joint venture has purchased a 14,000-square-foot industrial building in Montclair for $2.1 million, in a deal arranged by Kislak Commercial Real Estate Services Inc.
According to the brokerage firm, the Becker Organization and Greenwood Development have not disclosed their plans after completing the transaction at 154-162 Pine St. Kislak Executive Vice President Peter Wisniewski and Vice President Stephen Gianis represented the seller, Improved Industrial Methods, while also procuring the buyer in a sale that marked the firm’s first deal with both parties.
Wisniewski described 154 Pine St. as “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,” he said. “The tremendous activity generated around this property is reflective of the current state of the industrial market in New Jersey.”
In a news release, Kislak said the one-story brick building has three loading, drive-in doors, along with 17-foot ceiling heights with dropped ceiling grids, fluorescent lighting and some 5,000 square feet of parking within an adjacent fenced lot adjoining the building. Permitted uses at the site include warehouse, wholesale distribution, commercial laundries, auto repairs and certain types of restaurants and retail, along with new residential development such as senior housing.
The property is adjacent to a CVS Pharmacy-anchored strip center, blocks from Mountainside Medical Center and downtown Montclair, Kislak said, while easily accessible from Interstate 280, the Garden State Parkway and NJ Transit’s Bay Street and Walnut Street train stations.
“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 said.