9, 11 and 15 Melanie Lane in East Hanover — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has purchased a trio of Morris County industrial buildings totaling nearly 170,000 square feet, in a newly announced deal by Cushman & Wakefield.
According to the brokerage team, Barings and Vision Real Estate Partners paid an undisclosed sum for the properties at 9, 11 and 15 Melanie Lane in East Hanover. C&W represented the seller, Terreno Realty Corp., noting that the 167,050-square-foot complex provides upside through leasing up existing vacancy and marking rents to market as leases expire.
“The East Hanover Industrial Center offers highly sought after shallow bay space that caters to a wide variety of occupiers,” C&W’s Gary Gabriel said. “Its location offers momentary access to affluent suburban Essex and Morris County and the 10 million consumers within an hour drive.”
Gabriel completed the deal alongside Kyle Schmidt, David Bernhaut, Ryan Larkin and Max Helfman.