325 Division St. in Boonton — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Demand for smaller industrial spaces continues in Morris County, fueling the recent sale of a 12,000-square-foot building and two leases across neighboring municipalities.
Scott Peck and Greg Sabato, principals of Resource Realty of Northern New Jersey, represented the seller in the transaction at 219 Division St. in Boonton. They noted that the single-story property occupies 0.7 acres with features such as multiple drive-in doors, benefiting from a location less than three blocks from Interstate 287 and close to both NJ Transit rail service and a downtown business district.
“This sale reflects an ongoing trend RRNNJ has been seeing in this northern New Jersey submarket for many years,” Peck said. “Properties with immediate proximity to major regional highways like I-287 and I-80 continue to command a premium. Infill municipalities such as Boonton offer exceptional connectivity to New York City, upstate New York and South Jersey, which continues to attract investment to the region and enduring occupancy among small to midsized users.”
Less than a block away, at 325 Division St., RRNNJ principals Brian Wilson and Tom Consiglio arranged a 15,000-square-foot lease on behalf of Side Out Sports. The property has 1,500 square feet of office space, 22-foot-clear ceiling heights and three loading gates, they said, adding that it’s 1.3 miles from I-287, providing access to Route 46 and the Garden State Parkway.
“Distribution, light industrial and service-operation tenants seeking efficient regional access, especially in the wake of fluctuating gas prices, are increasingly targeting Morris County,” Wilson said. “Whether in Rockaway or Boonton, few locations in New Jersey provide this level of access and convenience to the tristate service markets of Pennsylvania, New York City, southern New York State and central New Jersey.”
In the third transaction, Wilson represented the tenant in a 10-year renewal of 9,339 square feet at 41 Pine St. in Rockaway. The deal allows the undisclosed business to stay in place at the six-building industrial park, which was originally built in 1955 and is just two blocks from I-80, comprising a mix of office and industrial space across a 17-acre campus.
