300 West Stiger St. in Hackettstown — Courtesy: The Blau & Berg Co.
By Tina Traster
The Blau & Berg Co. has negotiated the sale of a three-building, 64,121-square-foot industrial complex on 9.25 acres in Hackettstown.
According to the firm, the team of Jason M. Crimmins, Alessandro Conte, Peter J. Murano Jr. and Michael F. Schipper represented the seller, Hackettstown Industrial Center, in the deal at 300 West Stiger St. Terms were not disclosed.
“The Stiger Street facility is a true value play in which the new operator will benefit from a generous upside opportunity in market rents,” said Schipper, a senior executive director with Blau & Berg. “The western (Interstate 80) corridors have seen a resurgence of demand as of late and, in retrofitting this facility to current standards, with plans to rework loading positions, truck court, floors and lighting, the building lends itself to both the manufacturing and warehousing arena.”
The brokerage firm added that the property has high vacancy and ample parking adjacent to NJ Transit rail service.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.