176 Franklin Ave. in Rockaway — Courtesy: Newmark Associates
By Joshua Burd
A private investor has acquired a 38,700-square-foot industrial building in Rockaway for $4.25 million, in a recent 1031 exchange arranged by Newmark Associates.
In a news release, Newmark said it represented the buyer of the building at 176 Franklin Ave. Senior Sales Associate Charles Ritschel, who handled the assignment, said the fully occupied building sits off Route 46 and Interstate 80.
“This was a fantastic investment opportunity in a high demand northern New Jersey market,” Ritschel said. “Both the seller and purchaser were able to greatly benefit from this deal. I am looking forward to working with both parties in the future.”
Ritschel has had an ongoing client relationship with the buyer for the last several years, the news release said. He added that the property is ideally suited for small and medium-size businesses that need clear open space, outdoor storage and ample drive-in loading docks.
“We are seeing a strong need for small to midsize industrial space in Morris County with very little inventory to fill the demand,” Ritschel said.