16 Law Drive in Fairfield — Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has sold a Fairfield industrial building to a local manufacturing business, which will use the space to accommodate its growing operation.
The real estate investment firm on Tuesday announced the sale of 16 Law Drive, which spans 71,048 square feet, to MOP Realty LLC c/o JEEN International. Located on 6.44 acres directly off Route 46, the property features 65,893 square feet of warehouse space and 5,155 square feet of office space, offering access to a strong labor market and proximity to interstates 80, 280 and 287.
Terms were not disclosed.
Hampshire said the buyer, a technical marketer and manufacturer of cosmetic ingredients for cosmetics and personal care markets, supplies more than 3,200 customers worldwide and was in search of a second warehousing and office space beyond its existing headquarters at 24 Madison Road in Fairfield. The Morristown-based firm also said 16 Law Drive provides an opportunity for JEEN International to renovate the property to suit its long-term space needs.
“We recognized that the continued tightening of the northern New Jersey industrial supply and elevated demand for quality, well-located spaces made now the right time to market this property for sale,” said Igor Derbaremdiker, director of dispositions for Hampshire. “The building’s high level of flexibility and adaptability along with its ideal location in one of the state’s most appealing submarkets made the asset highly attractive and aligned well with the demands of industrial owner-operators.
“Each of these factors played a significant role in our ability to sell the asset and generate an attractive yield for our investors.”
In a news release, Hampshire said 16 Law Drive offers clear ceiling heights of more than 16 feet, two loading docks, two drive-in doors, 102 parking spaces and new lighting.
