150 Mt. Bethel Road in Warren — Courtesy: Devli Group
By Joshua Burd
A real estate investor and developer has acquired a nearly 122,000-square-foot complex in Warren, where it has the potential to build an additional 46,000 square feet.
The firm, Devli Group, announced recently that it acquired 150 Mt. Bethel Road from The Hampshire Cos. Sitting on 15.7 acres, the property spans two flex buildings near Interstate 78.
The buildings feature flex industrial space with 26-foot clear ceiling heights, nine loading docks and 355 parking spaces, Devli said. Flex and office uses include warehousing, distribution, light manufacturing and scientific and research labs.
The new owner touted the site’s proximity to both I-78 and Interstate 287, along with approved plans to develop an additional 46,000-square-foot building. Devli Group also owns 141 Mt. Bethel Road, a 150,068-square-foot flex property across the street.
“Since our first purchase in Warren nearly 15 years ago, we have seen a steady demand for this type of flex-industrial space,” said Erol Devli, the firm’s founder and CEO. “Warren’s central location and strong demographics make this asset an ideal addition to our portfolio.”
Cushman & Wakefield’s Andrew Schwartz brokered the transaction alongside Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin. They said the offering drew strong interest from a bidder pool dominated by private investors.
“The seller acquired the building vacant in 2010 and implemented an aggressive leasing strategy that brought it to 88 percent occupancy,” said. “The property’s seven tenants have a weighted average remaining lease term of nine years.
“This stability, combined with the opportunity to lease-up the remaining space made it an attractive opportunity.”