7 Aaron Way in Sparta — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has sold a 10,400-square-foot speculative industrial building in Sparta, under a newly announced transaction by NAI James E. Hanson.
The real estate services firm represented JAM Properties in its sale of the property, 7 Aaron Way, in the White Lake Commerce Park. An undisclosed local buyer purchased the recently completed building, having sought a larger space for its growing business.
NAI Hanson’s John Schilp completed the assignment. Terms were not disclosed.
“Over the past several years, lower development costs and tremendous transportation accessibility have led to Sussex County’s emergence as an up-and-coming regional industrial market,” Schilp said. “We are deeply proud of our work at the White Lake Commerce Center as we have been able to help grow the region’s business community while allowing our clients to realize the tremendous value of their land and buildings.”
In a news release, NAI Hanson noted that White Lake Commerce Park is made up of 12 subdivided, fully improved lots spanning 31.54 acres. The property also sits along the NYS&W freight rail line just off of Route 15, while it is located 12 miles from Interstate 80 and less than five miles from Route 206.
Completed earlier this year, 7 Aaron Way boasts a modern design with 20-foot clear ceilings and eight overhead doors, the news release said. Although the building was originally offered only for lease, Schilp was able to able to work closely with the building’s ownership to assist in arriving at a sale of the building.
The transaction is the latest at the complex for Schilp, who was retained last year to facilitate the sale of the park’s 12 lots. With the sale of the last lot closing in late March, Schilp has now brought several developers to the property to construct spec industrial buildings ranging in size from 10,000 to 30,000 square feet.
JAM Properties Principal Joe Maggio was the first developer to construct a building at the White Lake Commerce Park, NAI Hanson said. That building, 5 Aaron Way, is now fully leased and occupied, while 7 Aaron Way marks the second successfully delivered building.
Maggio is currently in the planning stages for the construction of another industrial building at the property, with an estimated delivery in late 2020 or early 2021.