Cervelli Real Estate & Property Management has listed a light industrial and mixed-use portfolio totaling 33,183 square feet across locations at 315 Mechanic St. and on nearby Cedar Street and Division Street in Boonton. — Courtesy: Cervelli
By Joshua Burd
The owner of six light industrial and mixed-use buildings in Boonton has listed the portfolio for sale, in a newly announced offering by Cervelli Real Estate & Property Management.
According to the brokerage team, the properties total 33,183 square feet across locations at 315 Mechanic Street and on nearby Cedar and Division streets. That includes a mix of light industrial, office and retail space and residential units, with in-place income from a diverse tenant roster that includes Calvisius Caviar, Axle Exchange, Metro Printing and Promotions, Advantage Promotions and Rode Furniture, alongside several residential units.
Christopher Cervelli, broker associate at Cervelli Real Estate, is marketing the assets and expects interest from private investors and owner-operators seeking a value-add, multitenant opportunity with both industrial and residential income components in a tightly held market.
“Opportunities to acquire a scaled, income-producing portfolio in Boonton’s core don’t come up often,” the listing team said. “This assemblage gives an investor immediate cash flow, a diversified rent roll and long-term upside as the (town’s) downtown and industrial base continue to evolve.”
Cervelli added that the portfolio, which has 20 on-site parking spaces, is fully built out along one of Boonton’s established warehouse and light-manufacturing corridors. Reported annual rental income across the portfolio totals about $447,000, with net cash flow of roughly $274,500 after real estate taxes, insurance and utilities.
The firm also pointed to Boonton’s roots as a 19th-century ironworks hub, which shaped a town built around established warehouse, distribution and light-manufacturing corridors alongside a revitalized Main Street of shops, restaurants and a growing arts district. The area benefits from direct access to routes 202 and 46, with further connectivity to interstates 287, 80 and 280 for regional distribution, while NJ Transit’s Montclair-Boonton Line provides direct rail service from the town center.
