The complex, the Hackettstown Commerce Park, includes the sale of three buildings located at 101 and 103 Bilby Road and 715 Willow Grove St. Six acres of developable land, located at 717 and 713 Willow Grove St. were also included in the sale.
“The New Jersey’s north west industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” Igor Derbaremdiker, director of dispositions for Hampshire, said. “Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro-forma. The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
Hampshire said the complex is 88 percent leased. Current tenants include the United States Department of Agriculture, Andrez and On-Demand Technology Solutions, to name a few.
The property is located proximal to the Hackettstown Medical Center, Route 46 and Interstate 80.
Cushman & Wakefield’s Andrew Merin, Andrew Scwartz and Ryan Larking represented Hampshire in the transaction.
Financial terms were not disclosed.