5 Astro Place in Denville — Courtesy: Cushman & Wakefield
By Tina Traster
Cushman & Wakefield has negotiated the sale of a multitenant, 42,000-square-foot industrial property in Denville for $7.2 million.
In a news release, the firm said its team of Andrew Schwartz, Jordan Sobel and Andre Balthazard represented an undisclosed seller and procured the buyer in the transaction at 5 Astro Place. The brokers noted that the building, which is leased to three tenants, has a two-year-old roof, a freshly paved parking lot, 18-foot clear ceiling heights, six loading docks and three drive-ins.
Mark Zaziski and Pat Decker, also of Cushman, provided leasing expertise.
“Industrial assets have been in strong demand in New Jersey, especially in the highly accessible Denville-Rockaway market,” Schwartz said. “The property’s ideal location coupled with its recent renovations makes it a very desirable acquisition.”
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.