Commercial brokerage NAI James E. Hanson recently announced it brokered the sale of a 157,822-square-foot industrial building at 700 Bartley Chester Road, Flanders.
The firm’s John Schilp represented the seller, while Josh Levering represented the buyer.
“We have seen a sustained shortage of available industrial space amidst unwavering strong demand from distribution and warehousing users in traditional markets such as the Meadowlands and Port Newark and Elizabeth,” Schilp said.
The buyer, CRG 700 LLC, said it purchased the property as a long-term investment due to the high demand for industrial space in the region. Uncommon Logistics currently occupies the building and has signed a seven-year extension. The tenant is also under contract to provide services to Givaudan Fragrances Corp.
“As companies look west for affordable and available industrial space, regions like Morris County are becoming more attractive plays for investors searching for lower barriers to entry to acquire stable and income-generating properties,” Schilp said. “Our longstanding relationship with 700 Bartley Chester allowed us to leverage our experience and market knowledge to ensure a mutually beneficial deal for both of our clients.”
Financial terms for the property were not disclosed. The property is located in a Designated Free Trade Zone less than a mile from Route 206.