Search
 

Lenox Puts 153,000-SF Building on the Block

SMITHFIELD, RI-Lenox Inc. is looking to sell its 153,000-sf facility at 270 Jenckes Hill Rd. for $5 million dollars. The broker involved tells GlobeSt.com that despite a dull market there has been a surprising amount of interest in the property, which sits on a 53-acre parcel

By Naomi Grossman | Updated on September 06, 2002

SMITHFIELD, RI-Lenox, Inc. has a for-sale sign on its 153,000-sf facility at 270 Jenckes Hill Rd. the Lawrenceville, NJ-based company is in the process of consolidating its operations here and in North Carolina to a company-owned facility in Pomona, NJ.

According to Robert Doherty, senior vice president at Binswanger/CBB, the asking price for the property is $5 million. Binswanger/CBB is brokering for Lenox. Doherty tells GlobeSt.com that there has been “decent interest” in the site, which he says is surprising. “The market has not been great,” he notes, pointing out that overall vacancy rates for the area are around 20%, significantly higher than two years ago.

“This is a smaller market but it is not immune to the economic downturns in the real estate market,” he says. “There is a lot of space available now. Everyone is cutting back.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.