2 Laurel Drive in Mount Olive — Courtesy: Saddleback Real Estate Developers
By Joshua Burd
Saddleback Real Estate Developers has acquired a 73,000-square-foot industrial building in Mount Olive and is now planning a total rehabilitation of the property.
As part of its plan for the building, 2 Laurel Drive, Saddleback will convert it to a multitenant complex, the firm said Wednesday. Capital improvements will include new septic, a new roof, repaving, new landscaping and the build-out of new interior spaces.
“The rejuvenation of 2 Laurel Drive will bring an existing industrial asset up to ‘Saddleback Standards,’ ” Sal Frassetto, the chairman of the Fairfield-based firm, said in a prepared statement.
The property will house up to eight tenants with spaces ranging from 4,500 to 15,300 square feet, according to a news release. Saddleback expects the spaces to be available in the fourth quarter of this year, seeking to capitalize on a location three miles from Interstate 80.
David Williams of Weichert Commercial Brokerage arranged the transaction.
“Our expertise lies in identifying and rejuvenating distressed properties,” said Terry Frassetto, Saddleback President. “We repurpose buildings where applicable, creating a viable asset where there was formerly an obsolete property.”