2 Laurel Drive in Flanders — Courtesy: Saddleback Real Estate Developers
By Joshua Burd
Saddleback Real Estate Developers has completed the sale of a newly renovated, 73,500-square-foot warehouse in the Flanders section of Mount Olive.
The commercial real estate firm announced Tuesday that it has sold the property, 2 Laurel Drive, less than two years after acquiring it and embarking on a series of upgrades. David Ekstein purchased the building for an undisclosed price, Saddleback said, noting that the building was fully stabilized with three long-term leases in place at the time of the sale.
Robert M. Adams of Garden State Realty represented both parties. He touted the 7.2-acre site’s proximity to Interstate 80 and the interest from investors once Saddleback had repositioned and stabilized the property.
“The availability of high-class cap rate driven investment opportunities has been limited in the marketplace,” said Adams, Garden State’s principal and broker of record. “This asset provided a unique opportunity for an investor looking to acquire a well-capitalized and stable asset in northern New Jersey.”
In announcing its acquisition in August 2018, Saddleback said it was planning capital improvements including new septic, a new roof, repaving, new landscaping and the build-out of new interior spaces.