360 North Frontage Road in Roxbury — Courtesy: Charity Realty International
By Joshua Burd
Two Morris County commercial buildings with a combined 34,870 square feet have changed hands for $1.9 million, in a transaction arranged by Charity Realty International.
The firm announced Monday that Coherent Tios Inc. sold the properties, 350 and 360 North Frontage Road in Roxbury, to Commerce Park Investors LLC. They include a vacant 16,200-square-foot office and warehouse facility and an 18,670-square-foot industrial-flex building, respectively.
The buildings became available after Coherent Tios acquired PRC Laser Corp., the former occupant. Charity International represented the buyer, while Colliers International’s Jack Callahan represented the seller.
“This was a fantastic opportunity to capture two prime Morris County freestanding industrial buildings,” said James Costanzo, Charity Realty International’s president. He noted that the properties are visible from Interstate 80 and have tailboard and drive-in loading, heavy power distribution and backup gas-fired generators.
“We tailored a clean, low-contingency transaction that made it easy to accept for a public company,” he added. “Both properties will undergo an extensive rehabilitation that will bring them to like-new condition.”
In accordance with Charity Realty International’s pledge, the firm gifted a $4,750 grant to the Mental Health Association of Essex & Morris. The organization will use the funds for the advocacy, education, prevention, early intervention, treatment and service for individuals with mental illness.