Hopewell Valley Industrial Park at 1613 Reed Road in Pennington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A longtime owner has sold a more than 30,000-square-foot industrial park in Mercer County for $3.3 million, in a newly announced deal by The Kislak Co. Inc.
Daniel Lanni, a senior vice president with the brokerage firm, represented the private seller in the transaction at 1613 Reed Road in Pennington. He also procured the undisclosed buyer, noting that the 30,375-square-foot Hopewell Valley Industrial Park is home to long-term tenants whose services range from landscaping, upholstering, motorcar and bus services to an exercise studio.
“This was a special transaction because the property had not traded in 30 years, and it was a long transaction with several complexities,” Lanni said. “Yet we worked through every challenge and finally closed with an experienced purchaser who used it to complete a 1031 exchange.”
Constructed in 1988, the industrial park sits on 8.2 acres with more than 100 parking spaces and consists of several single-story and one two-story warehouses, according to a news release. Tenants pay for their own repairs and utilities, Lanni added, noting that the new owner also has the opportunity to increase rents.
Zoned SI, the property is in a residential area where the average household income is $152,448 and sits only a few miles from Route 1 and Interstate 95, Kislak said. Local transportation via bus and commuter rail is within a 10- to 20-minute drive of the property.
