17 and 23 Farinella Drive in East Hanover — Courtesy: Marcus Partners
By Joshua Burd
Investment firm Marcus Partners has acquired four commercial properties in East Hanover, adding nearly 155,000 square feet to its New Jersey portfolio.
The company, which is based in Boston, said the assets include two light industrial buildings at 17 and 23 Farinella Drive. The buildings span a combined 84,360 square feet, including 35,000 square feet at the latter that will be brought to market in the coming days, while each has 22-foot clear ceiling heights and what Marcus described as strong parking and loading ratios.
The firm’s new additions also include the site of an AMC movie theater and parking garage along Route 10. The 15-acre property consists of around 70,500 square feet with the theater, three retail tenants and a separate parking structure with more than 800 parking spaces.
Terms were not disclosed.
“We are very excited to add these properties to our growing New Jersey portfolio,” said Todd Minerley, a senior vice president with Marcus Partners. “This acquisition provides immediate cash flow, solid tenants and a value-add component due to some existing vacancy. These properties fit well with the portfolio we are aggregating in New Jersey and align well with our existing portfolio spanning Boston to Washington D.C.
“Demand is at an all-time high for well-located facilities and we are excited to diversify our growing portfolio with these properties.”
