60 East Halsey Road in Parsippany — Courtesy: NAI James E. Hanson
By Joshua Burd
A private equity firm has acquired a nearly 70,000-square-foot industrial flex building in Parsippany, under a newly announced transaction by NAI James E. Hanson.
Brokers with the firm represented Kent International, a bicycle manufacturer and distributor, in the sale of 60 East Halsey Road just east of Interstate 287. Boston-based Long Point Realty Partners acquired the 67,434-square-foot property for an undisclosed price.
NAI Hanson’s Barry J. Cohorsky and LJ Koch completed the assignment for the Teterboro-based firm. Transwestern’s Rick Rizzuto and Tim Patterson represented the buyer.
“The Morris County industrial submarket, although smaller than surrounding markets, continues to be in high demand from investors and users searching for well-located opportunities in the current stage of the market,” Cohorsky said. “With asking leasing rates seeing a steady increase, now well over $8-per-square-foot and higher in some buildings, we are experiencing an all-time low in vacancy and there is a great demand, presenting a favorable environment for sellers.”
NAI Hanson touted 60 East Halsey Road as a rare industrial flex acquisition opportunity in a market with a constrained supply of industrial product and strong demand. Spread over five acres, the property houses 12,000 square feet of office space, seven 8-foot-by-9-foot loading docks and ceiling heights ranging from 15.5 to 25 feet.
Kent International, whose sales footprint spans 20 countries, plans to relocate its manufacturing operations.
“We’ve worked with several brokers over the past three years and consistently were promised high returns but they all failed,” said Arnold Kamler, CEO of Kent International. “However, through the work of Barry and LJ, using creative sales techniques helped establish a positive market and we reached a more than satisfactory deal with a buyer.”
The building attracted a buyer due in part to its location directly off I-287 Exit 40, which provides easy access to interstates 78 and 80 and offers toll-free access to Port Newark-Elizabeth.
“The successful sale of 60 E. Halsey Road on behalf of our client showcases the advantage of working with a brokerage team that is tapped into the local market,” Koch said. “Our deep experience in northern New Jersey allows our team to develop marketing strategies that attract motivated buyers and help our clients secure premium prices for their assets.”
The deal represents Long Point Realty Partners’ second acquisition in New Jersey.