100 Industrial Road in Berkeley Heights — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
A manufacturer has reaped $8.4 million from the sale of a 77,000-square-foot building in Union County, in the largest of several new deals by Resource Realty of Northern New Jersey.
Brokers with the firm represented E.G.L. Co., which makes lighting products, in its sale of 100 Industrial Road in Berkeley Heights. Camber Acquisitions purchased the property.
“Camber’s ability to expedite the due diligence process and close the property in just 35 days was incredible in the middle of the pandemic,” said Tom Consiglio, a principal at Resource Realty’s office in Parsippany.
The brokerage firm also cited the role of an undisclosed financing partner, which supported Camber’s acquisition.
“The building’s owner, motivated to ensure the deal was able to close, was able to hire workers to move the building’s contents and clean the facility on an extremely tight deadline,” said Bill Pastuszak, a vice president with Resource Realty.
Resource Realty closed several other deals in March, including the sale of a 10,000-square-foot office and medical building at 22 Route 10 in the Succasunna section of Roxbury. Brian Wilson represented both parties, noting that the seller, an endodontics practice, is leasing back the first floor, while the buyer’s medical marketing firm will occupy the second floor.
The broker added that the lender for the deal is located in Utah and had to work around the issue of a power outage that resulted from an earthquake in Salt Lake City on the day of the closing.
Meantime, Wilson and Scott Peck represented both parties in the sale of an 8,500-square-foot, freestanding retail building at 970 Route 46 in Succasunna. The space will serve as a new location for an expanding local business, Merry Heart Assisted Living, which plans to open a private pharmacy for its patients.
The virtual closing had to take place just as all non-essential businesses were being forced to shut down, Resource Realty said, which forced the required parties, including the township of Roxbury, to get creative in order to finalize the transaction.
In Paterson, Dan Whitehead represented both parties in the sale of a 9,000-square-foot manufacturing building at 9 Oak St. The buyer, a local manufacturer for the defense industry, also purchased the business that was located in the facility, an industrial mixing operation, and plans to continue operations.
In that situation, it took the full cooperation of the buyer, seller, their legal teams and lender to push the deal over the finish line, the brokerage firm said.