"This was an excellent opportunity for us to expand our Northern New Jersey portfolio," says Hampshire managing director Robert Schmitt. "It's positioned within one of New Jersey's premier tech and warehouse/distribution hubs. The building's location and strong occupancy rate makes this an excellent investment."
The building was 100% occupied at the time of sale, with a tenant roster consisting of Polytype America, Janome America, New Concept Press, LS Advertising Co. and Scanpan USA. The location is near routes 17 and 202, and I-287.
The nearby building officially hitting the leasing market, meanwhile, is the 119,264-square-foot 1595 MacArthur Rd., which was vacated in mid-summer by CHR Hansen--a Danish company that makes ingredients for food and pharmaceutical products. In abandoning this property, CHR Hansen now has a sole US location in Milwaukee. The vacant building is similarly owned by the Hampshire Generational Fund, and Hampshire has hired brokers Mark Siegler, Tom Monahan and Marc Hirshinger of Colliers Houston & Co., Teaneck, to find tenants.
"It's a highly flexible property," Siegler says. "It's adaptable for manufacturing, warehouse and office space."
Built in 1982, the two-story building on eight acres includes 20,000 square feet of second-floor office space and 15,000 square feet of former lab and testing space, divided between the two floors. The warehouse area has 26-foot clear ceilings. The space is listed with an asking price of $7.25 per square foot for the industrial space and $14.25 for the office space, but the listing is termed "negotiable."
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