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Feist & Feist Close $5M Industrial Sale

BRIDGEWATER, NJ-Peter Chesson of Chesson Management picked up the three properties, totaling more than 100,000 square feet, from Braddock Realty LLC of Jacksonville, FL.

By Alyson Grala | Updated on February 04, 2010

BRIDGEWATER, NJ-Despite a sluggish NJ commercial real estate market, Coldwell Banker Commercial Feist & Feist, headquartered in Basking Ridge, has closed on the sale of a three-building industrial complex totaling 100,000 square feet on over 13 acres here.

According to John Adams, president of Coldwell Banker Commercial Feist & Feist Realty Corp., the property, located at 81 Chimney Rock Rd., was purchased for $5.4 million by Peter Chesson of Chesson Management from Braddock Realty LLC of Jacksonville, FL. Adams adds that Chesson, who also owns Barker Bus Co., plans to relocate the organization from its Route 22 location to a portion of the Chimney Rock facility, which is currently undergoing a multi-million dollar renovation and modernization project.

“The project is approximately two-thirds completed,” Adams tells GlobeSt.com. “As a result, a number of tenants have renewed their leases.” He adds that there are only three units remaining for lease at the industrial park. Feist & Feist has the exclusive listing to market the warehouse spaces, which range from 3,500 square feet to 9,600 square feet. Adams says that he anticipates the property to be fully leased by the fourth quarter of 2009.

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