WARREN, NJ - A two-building, 122,000-square-foot flex industrial property with excess developable land in Warren has sold in a year-end transaction facilitated by Cushman & Wakefield's Metropolitan Area Capital Markets Group. Devli Group acquired the property at 150 Mt. Bethel Road from Hampshire Management.
The offering drew strong interest from a bidder pool dominated by private investors, according to Cushman & Wakefield's Andrew Schwartz, who headed the assignment with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin. "The seller acquired the building vacant in 2010 and implemented an aggressive leasing strategy that brought it to 88 percent occupancy," Schwartz noted. "The property's seven tenants have a weighted average remaining lease term of nine years. This stability, combined with the opportunity to lease-up the remaining space made it an attractive opportunity."
"Today's investors are looking for properties with upside, and 150 Mt. Bethel Road is a great illustration of this trend," Larkin said. "The pursuit of assets where value can be added - whether through development/redevelopment, or lease-up/re-tenanting - is a common denominator in today's market."
150 Mt. Bethel Road accommodates a variety of uses, including warehousing and distribution, light manufacturing, scientific/research labs, training/conference facilities and general offices. The property is located in the heart of New Jersey's Wealth-Belt, immediately off I-78 (Exit 36) near the I-287 interchange. It sits nearly equidistant from New York City and Pennsylvania, and less than 25 minutes from downtown Morristown and Newark Airport. This central location provides the property with the ability to attract tenants due to the highly-educated labor pool, affluent surrounding neighborhoods, and distance from the NJ/PA border.
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