Commercial Realty Group Acquires Mt. Olive Industrial Building for $27M

350 Clark Drive, Mt. Olive, NJ

MOUNT OLIVE, NJ— Commercial Realty Group paid $27.125 million to acquire 350 Clark Drive , a 446,076-square-foot industrial and office building in the Morris County community of Mount Olive, New Jersey from North Jersey Development Group. Situated on 40.5 acres, 350 Clark Drive is in the International Trade Center , a 684-acre business/commerce center originally developed by The Rockefeller Group and located within a designated Foreign Trade Zone that offers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside of the US. The property is one mile from Interstate 80 and Routes 206 and 46, which provide access to the rest of New Jersey’s highway network and eastern Pennsylvania.  Completed in 1990, 350 Clark Drive consists of a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, class A office building added in 1995 that totals 75,000 square feet. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics , while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Company, Hundley Burns and FC Architects. Holliday Fenoglio Fowler’s investment sales team representing the seller was led by Michael Nachamkin , José Cruz and Robert Borny . “The seller and purchaser worked closely together to complete due diligence and complete the transaction in a very timely manner,” Nachamkin says.