999 Willow Grove St. in Hackettstown — Courtesy: CBRE
By Joshua Burd
An industrial building in Hackettstown has changed hands for $1.5 million, following an investment sale announced Thursday by CBRE.
Brokers with the firm touted the transaction at 999 Willow Grove St., a 45,000-square-foot building, after representing the seller. The property was 50 percent vacant at the time of the sale, but is home to long-term tenants that have largely occupied their spaces for more than two decades on triple net leases.
The CBRE investment properties team of first vice presidents Charles Berger and Elli Klapper handled the assignment, along with Thomas Mallaney of the firm’s advisory and transaction services division.
They noted that the property spans more than 12 acres and, at one point, had approvals in place for additional development. The building has loading docks, a repaved driveway and a complete sprinkler system, while offering easy access to Route 46 and interstates 80 and 287.
“This transaction speaks to the continued strength of the New Jersey industrial/flex market in both urban and suburban areas and the strong interest from investors in other regions,” Berger said. “We collaborated with our CBRE industrial leasing group to ensure potential buyers fully understood the market and the significant upside potential this property presented.
“Not only was it 50 percent vacant, there was also a significant development opportunity, as there was ample unused acreage available for potential uses.”