TOTOWA, NJ-NAI James E. Hanson has sold a 27,120-square-foot bank-owned property at 31 Vreeland Avenue to a company that will use it to distribute balsamic vinaigrette.
Russell J. Verducci represented Boiling Springs Savings Bank in the all-cash deal for $2 million. The new owner is DNG RE USA Corp.
“The property's high ceiling height was a driver of the sale, and the new owners plan to install bulk silos,” Verducci said. “The building is located in a great suburban market. Food companies have been actively seeking space, and many are interested in modern buildings, which are few and far between.”
The property requires considerable work before it can be occupied, and the sale was an “as-is” transaction, according to Verducci.
Built in 2008 and zoned Class B food processing, the building is located within the Route 46/23/3 industrial cluster. The single-tenant, two-story building is on a 1.35-acre site. Ceiling heights range from 20 to 30 feet, and there are 58 surface parking spaces, three exterior loading docks and one drive-in.
DNG currently has offices in Metuchen and had been using public storage space for warehousing.
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