292 3rd St. in Trenton — Courtesy: NAI Fennelly
By Joshua Burd
A seller has reaped $5.6 million in the trade a four-building, 75,097-square-foot industrial complex in Trenton, in a newly announced deal by NAI Fennelly.
According to the brokerage team, the property at 292 3rd St. is a former Budweiser regional distribution facility sitting on 5.14 acres. An entity listed as Third Street Trenton LLC purchased the asset, with NAI Fennelly’s Jerry Fennelly and Matthew Fennelly representing Mary & Thomas Realty LLC in the sale.
“Trenton’s location at the gateway to the Philadelphia and New York City markets and the highly favorable incentive packages available to business operating within it continues to make it stand out in New Jersey’s tight real estate market,” Jerry Fennelly said. “By leveraging our expertise we were able to navigate a highly competitive market to secure a premium value for this one-of-a-kind property.”
In a news release, Fennelly said the largest building on site is a 44,500-square-foot, fully refrigerated facility with 32-foot clear ceiling heights, making it ideal for a host of cold storage warehousing and distribution usages. Another building has 12,557 square feet of warehouse space with 30-foot ceiling heights, while the other two are home to 14,540 square feet of office space and a 3,500-square-foot truck repair facility.
Fennelly added that the property is in a New Jersey Urban Enterprise Zone and a federally designated Opportunity Zone, providing the chance for favorable tax treatment at multiple levels. The site is also eligible for several other state incentive programs.
