861 Sloan Ave. in Hamilton — Courtesy: Lincoln Property Co.
By Joshua Burd
Lincoln Property Co. and Ullico Investment Advisors have acquired a nearly 139,000-square-foot industrial building in Hamilton, the firms announced this week.
According to a news release, the property at 861 Sloan Ave. is vacant and has 38-foot clear ceiling heights and 13 fully equipped dock doors with the option to expand to 18, plus 12 trailer parking stalls, a newly installed roof and modern sprinklers. The joint venture is now prepping the 138,851-square-foot facility for immediate occupancy, as the firms market the space to companies looking to expand their logistics footprint on the East Coast.
“The acquisition of 861 Sloan Avenue afforded us a rare opportunity to acquire a well-configured, quality industrial asset at an attractive basis,” said Ben Bucci, executive vice president and market leader for Lincoln’s New Jersey office. “Our team is bullish on these types of tactical investments in existing industrial real estate, as well as new development opportunities throughout the tristate region. We are grateful to our partners at Ullico and Lee & Associates for working with us to bring this transaction over the finish line.”
Lincoln identified the seller as Commercial Development Co. Terms were not disclosed.
“We are thrilled about our first investment with Lincoln Property Company,” said Jim Darcey, managing director for Ullico Investment Advisors. “Moving forward, we are focused on similar value-add opportunities.”
Claudia Ganas, Monica Franco and Ana Carolina de Araujo of Lee & Associates – WBE are spearheading the leasing team at the building, which is just off Interstate 295, the news release said. Lincoln will provide property management services, bringing the firm’s total square feet under management in New Jersey to some 8 million square feet.
“We are excited to support Lincoln and Ullico in this strategic acquisition,” said Ganas, a senior managing director with Lee & Associates. “The 861 Sloan Avenue property not only meets the demand for high-quality industrial space, but also represents a significant opportunity for growth in the tristate logistics market. We look forward to collaborating further as we seek to attract the right tenant for this facility.”
Additionally, Lincoln noted that the property is 1.5 miles from Route 1 and 11 miles from Exit 7A of the New Jersey Turnpike.