3434 Route 22 in Branchburg — Courtesy: Cushman & Wakefield
By Joshua Burd
A nearly 43,000-square-foot flex industrial building in Branchburg has changed hands for $6.4 million, under a newly announced transaction by Cushman & Wakefield.
Brokers with the firm represented DLP Real Estate Capital in the sale of 3434 Route 22, also known as Fox Hollow Industrial Science Center. An undisclosed buyer purchased the 42,653-square-foot building, which is fully leased to three tenants.
“Fox Hollow’s diverse tenant roster and strong cash flow made the asset particularly attractive to the buyer,” said Andrew Schwartz, a senior director at Cushman & Wakefield, who led the assignment alongside Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Jordan Sobel. “Further, the Branchburg industrial submarket, which has an inventory of more than 4 million square feet, boasts a tight vacancy rate of less than 3 percent. Fox Hollow itself has historically enjoyed high occupancy as its flex/industrial space is in such high demand.”
Sitting on 6.53 acres, the property includes 22-foot ceiling heights, 40-foot-by-40-foot column spacing, four loading docks and a parking ratio of 3.78 per 1,000 square feet, according to a news release. Recent improvements at the complex, which was originally built in 1988, include a newly installed roof.
“DLP Real Estate Capital acquired this asset in extreme distress,” said Anthony Ruben, director of investments of DLP Real Estate Capital. We were able to successfully stabilize and unlock significant value creation for its investor base.”
Tenants at Fox Hollow Industrial Science Center include Cimquest, Bovine Collagen Products and Blue Hill Data Services. They benefit from a location with direct access to interstates 287 and 78, with proximity to more than 70 businesses within a three-mile radius.