2 and 30 Plane St. in Boonton — Courtesy: Charity Realty International
By Joshua Burd
A developer has acquired a two-building, 50,000-square-foot industrial property in Boonton as part of the newest transaction arranged by Charity Realty International.
The Fairfield-based brokerage said the buyer, River Walk LLC, paid $2.1 million for an assemblage that includes 2 Plane St., a vacant 23,000-square-foot former Fritz Lenox Corp. warehouse, and a 27,000-square-foot industrial complex at 30 Plane St.
The properties total 3.5 acres, Charity Realty said, noting that the sale price does not include environmental cleanup costs.
“Industrial properties with good highway access will always be in demand,” said James Costanzo, president of the brokerage firm. “The greater appeal of Plane Street is its redevelopment potential. Both properties have high-density residential zoning. A couple blocks away from downtown Boonton, the train station and in a riverside setting, the site attracted a few highly qualified offers.
“The transaction was more complicated than most, with multiple owners, environmental issues and closed because of River Walk’s experience, drive and ability to work with others.”
Three organizations received grants as a result of the sale, in accordance with Charity Realty’s business model, including the Chatham Borough Fire Department, American Lung Association and the Canal Society of New Jersey.
