246 South Salem St. in Randolph — Courtesy: NAI James E. Hanson
By Joshua Burd
A private estate has sold a nearly 19,000-square-foot industrial building in Morris County, according to brokers with NAI James E. Hanson.
In a news release, the firm said it represented both parties in the disposition of 246 South Salem St. in Randolph. A buyer listed as Salem Enterprises LLC purchased the 18,729-square-foot property, which has been leased by Verizon since 1974, for an undisclosed price.
NAI Hanson’s Jonathan Kristofich and John Schilp completed the assignment, noting that the private estate was administered through JP Morgan’s estates and trusts group. They said the property, which sits at the intersection of Route 10 and South Salem Street, provides easy access to interstates 80 and 287 and routes 46, 53, and 206.
The sale comes after the estate’s co-executors retained NAI Hanson to secure a buyer, which yielded several competitive offers prior to the pandemic. But the economic fallout of COVID-19 caused several additional hurdles, NAI Hanson said, prompting the team to shift to a backup bidder.
The firm also worked closely with the buyer and its lender to close the deal within the provided closing period.
“Transactions like this showcase why it is important to work with a brokerage that not only possesses a wide range of in-house capabilities but possesses the local market knowledge and contacts to service their clients all the way to the closing table,” Kristofich said. “Throughout the entire transaction we drew upon our experience and leveraged our firm’s long-term relationship with the buyer’s lender to quickly solve problems and closed this transaction in the midst of an unprecedented economic and health crisis.”
NAI Hanson added that the property is a longtime regional storage yard and repair shop for Verizon’s fleet of service vehicles.
