By Joshua Burd
A joint venture is set to build a new 95,000-square-foot industrial building in Wharton after acquiring a former Air Products distribution center, brokers with CBRE announced Thursday.
West Dewey LLC, a partnership between Commercial Realty Group and North Jersey Development Group, paid an undisclosed price for the parcel at 100 East Dewey Ave. It closed on the property having obtained all approvals for the flex-style facility, the brokerage team said, noting that the building will have 28-foot clear ceiling heights, tailboard and drive-in loading and immediate access to Interstate 80 and routes 15, 46 and 10.
CBRE’s Thomas M. Mallaney and Denise Kokulak represented the buyer. NAI James E. Hanson represented the seller, Air Products and Chemicals Inc.
“The acquisition of this site was ideal for our client, as it allows the development of a flex-industrial facility in the heart of western Morris County,” Mallaney said. “Construction of the new development is slated to begin in the spring of 2024.”
CBRE added that the new building will be divisible to 6,250-square-foot units.
