WEST CALDWELL, NJ-Commercial and military grade fastener distributor Kanebridge Corp. has acquired 38 Fairfield Pl., an industrial flex property here, for $3.85 million. The seller was JKL Properties LLC.
Kanebridge’s new headquarters will occupy half of the 50,000-square-foot building. The company expects to relocate in the spring. Existing tenant Sloan & Company has renewed and extended its lease for the balance of 38 Fairfield Pl.
Kanebridge has “upsized to downsize” in an unusual, strategic real estate shift, says Curtis Foster of Cushman & Wakefield, which represented Kanebridge in the acquisition and is marketing the company’s former headquarters at the 44,301-square-foot 153 Bauer Dr. in Oakland, NJ.
“About two years ago, we incorporated an IP phone system that enables our customer service people to take calls and seamlessly log in to our system from remote locations,” said Nick Peles, Kanebridge operations manager, in a statement. “A majority of our administrative staff now telecommutes--we have maybe eight people in the office on a typical day, as opposed to the 40 we had prior to the changeover. Our staff size has stayed the same, but the 13,000 square feet of office space we have in Oakland is unnecessary.”
The Oakland property features 27,000 square feet of warehouse space with 22-foot clear ceilings, 13,000 square feet of office build out and 12,000 square feet of expansion potential. It is located near Interstate 287 and Routes 202 and 208. “The 153 Bauer asset occupies a prime position within Oakland Industrial Park,” Foster says. “There are very few properties of this size in the region, and we are seeing strong interest from investors and users alike.”
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