305-307 Palmer Road in Denville — Courtesy: NAI James E. Hanson
(Editor’s note: This story was updated Thursday, June 22, with information from NAI James E. Hanson, which represented the seller.)
By Joshua Burd
A service contractor is moving its headquarters after assembling a three-acre flex industrial property in Denville, in a deal arranged by Charity Realty International and NAI James E. Hanson.
In a news release, the brokerage firm said Groome Industrial Services Group Inc. paid $3 million for the assemblage at 305-307 Palmer Road, which includes 9,560 square feet of office and industrial space. The company, which provides specialized maintenance to the natural gas power plant industry, is relocating from Fairfield.
Charity Realty President James Costanzo represented Groome. NAI Hanson’s Joseph Vindigni represented Venturini Investment Group, the building owner at 305 Palmer Road, while attorney Joseph O’Neil of Garofalo, O’Neill & Ruggierio represented the seller of the adjacent parcel.
“The real estate we were looking for did not exist in the area of New Jersey we desired, (so) we had to create it,” said Jeffrey Bause, Groome’s owner and president. “With the help of our broker, we assembled a 10,000-square-foot flex facility on three acres with industrial zoning that permits outside storage of equipment and material. This relocation will sustain us through our current and future planned expansion.”
Costanzo noted that his firm had an existing relationship with Joseph Esposito, the now-former owner of 307 Palmer, having sold him the land seven years earlier.
“He was not a motivated seller in 2023 as he had developmental plans for the property,” Costanzo said. “It was our existing relationship and some creative transactional structuring by Groome’s legal team, led by David Gray, Esq. of Gray Law Group that sealed the deal.”
As part of Charity Realty International’s philanthropic pledge, the firm is donating $11,000 to be divided between Special Forces Charitable Trust and the Spring Lake Toys Foundation, of which Costanzo is a board member. The former provides support to Green Berets and their families by promoting healthy living, emotional wellness and mental health, while the latter aims to provide lifesaving care and helps children with rare illnesses and special needs when those costs are not covered by insurance.
“It’s not often that you see a property zoned for office, warehouse and outdoor storage,” Vindigni said. “Pair that with its convenient location near major highways and it becomes clear that 305 Palmer Road can fit the needs of a variety of businesses and investors. We’re proud to have provided the real estate services needed to find a high-quality match between buyer and seller and help our client secure the best possible value for their building.”