700 Bartley Chester Road in Flanders — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has acquired a 157,822-square-foot industrial building in Flanders, just months after a logistics firm signed a seven-year lease extension for the entire space.
Real estate services firm NAI James E. Hanson said Tuesday that it had brokered the sale of 700 Bartley Chester Road. The building is home to Uncommon Logistics, which has been a tenant there since 2011 and is under contract to provide warehousing and logistics services to Givaudan Fragrances Corp.
Terms of the sale were not disclosed.
NAI Hanson’s John Schilp represented the seller, 700 Bartley Chester Road LLC, while colleague Josh Levering represented the buyer, CRG 700 LLC.
The brokers noted that NAI Hanson’s relationship to the property goes back almost 30 years, with Schilp having sold the land to build 700 Bartley Chester to the original owner in 1988. CRG 700 LLC purchased the property as a long-term investment because of the attractive terms of the current lease and the continued high demand for well-located industrial buildings of more than 100,000 square feet.
“We have seen a sustained shortage of available industrial space amidst unwavering strong demand from distribution and warehousing users in traditional markets such as the Meadowlands and Port Newark and Elizabeth,” Schilp said. “As companies look west for affordable and available industrial space, regions like Morris County are becoming more attractive plays for investors searching for lower barriers to entry to acquire stable and income-generating properties.
“Our longstanding relationship with 700 Bartley Chester allowed us to leverage our experience and market knowledge to ensure a mutually beneficial deal for both of our clients.”
The Bartley Chester Road building has four one-ton crane rails and two half-ton crane rails, 11 tailgates, three drive-ins, 82 parking spaces and 8,524 square feet of office space, NAI Hanson said. It sits less than a mile from Route 206 and offers access to Route 46 and interstates 78, 80 and 287.
