103 Dunns Mill Road in Bordentown — Courtesy: Fennelly Associates
By Joshua Burd
A fraternal organization has sold a vacant 22,000-square-foot building in Bordentown to a developer for more than $4 million, in a newly announced deal by Fennelly Associates.
The buyer, Tosh Wolfe, plans to redevelop the property at 103 Dunns Mill Road as a 182,000-square-foot warehouse facility that will capitalize on the continued demand from tenants in the asset class, according to a news release. It will do so thanks in part to the approved zoning for the building, the brokerage team said, adding that the builder plans to break ground later this year.
Fennelly Associates President Jerry Fennelly and Matt Fennelly represented the seller, The Scottish Rite, in the $4.13 million deal. They noted that the building was constructed in 2010 as the home of the organization’s New Jersey chapter, but declining membership forced the national fraternal organization to place the property on the market.
“Buildings designed around a specific use like 103 Dunns Mill Road are often difficult to sell in today’s market,” Fennelly said. “For this assignment, we leveraged our extensive network to connect our client with a buyer interested in finding a second life for the property. We are happy to have helped our client trade their asset and we want to wish Tosh the best of luck as he begins the redevelopment process.”
