134 Clinton Road in Fairfield — Courtesy: Sheldon Gross Realty
By Joshua Burd
An institutional owner has acquired a seven-building, 315,800-square-foot portfolio in Fairfield for more than $30 million, under a newly completed transaction by Sheldon Gross Realty.
The firm on Monday announced the sale of the portfolio, which includes a mix of industrial and flex office buildings, touting it as a sign of the strength for the Essex County township. The brokerage represented the seller and is the longtime manager of the properties, which include:
- 134 Clinton Road and 111 Lehigh Drive, a 135,000-square-foot warehouse complex
- 130 Clinton Road, a 60,000-square-foot office building
- 114 Clinton Road, a 32,000-square-foot industrial building
- 17-19 Lehigh Drive, a 28,700-square-foot industrial building
- 112 Lehigh Drive, a 26,800-square-foot industrial building
- 159 Dwight Place, a 19,800-square-foot industrial building
- 10 Industrial Road, 13,500-square-foot flex building
“When a single town sees the sale of more than 300,000 square feet of office and industrial properties for a total in excess of $30 million, that’s the definition of a large transaction,” said Robert Nathin, an executive vice president with the West Orange-based firm. “It speaks to what an attractive location Fairfield is for businesses, for multiple reasons. There are outstanding corporate and warehouse structures throughout the town, and the overall location is remarkable.
“Fairfield is located in Essex County, right on the border with Passaic and Morris counties, and is bisected by routes 80 and 46. You can get pretty much anywhere very, very quickly.”
Nathin represented the seller, the firm said, noting that another executive vice president, Marcy Gross, is also the longtime property manager of the portfolio.
“After managing and leasing these various properties for 20-plus years, we knew them as well as anyone possibly could,” Gross said. “And this was a major benefit to the owners when this opportunity arose. There were no surprises — everything was quite clear, because we were able to answer any question that arose.”