1 Indian Lane East in Towaco — Courtesy: Diversified Properties
By Tina Traster
Diversified Properties has purchased a 9,000-square-foot industrial building in the Towaco section of Montville.
The firm, which is based in the township, said the property at 1 Indian Lane East is minutes from both Route 202 and Exit 47 on Interstate 287. Fully occupied, the building will become vacant at year-end at the conclusion of the tenant’s lease.
Terms of Diversified’s acquisition were not disclosed. The firm said it will market the property to a single user, noting that it has modern offices, a loading dock and a direct entry overhead door.
“Industrial assets in markets like Morris County continue to benefit from the space crunch seen in areas to the east around the Meadowlands, Port Newark and Elizabeth,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “As construction continues to lag behind demand in primary markets, buildings in areas like Montville are well-positioned to see strong demand for years to come.”
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.
