40 Pier Lane West, Fairfield NJ
FAIRFIELD AND MOUNT OLIVE, NJ—Saddleback Real Estate Developers is expanding its industrial portfolio with two recent acquisitions in Northern New Jersey.
Saddleback acquired the 37,000 square foot property at 40 Pier Lane West in Fairfield NJ, and a 73,000 square foot property at 2 Laurel Drive in Mt. Olive.
The Fairfield site includes three buildings, two of which are fully occupied. The third building will receive a total rehabilitation, upgrading the building to what the firm calls “Saddleback Standards.” The newly updated 5,000 square foot building will be available for rent in the fourth quarter of 2018. The property is located off Route 46 with easy access to Route 80 and New York City.
Peter Caraballo and Deborah Myers of Newmark Associates brokered the closing.
“While Saddleback focuses on repurposing and rehabbing distressed properties, we also ensure very fast closings,” says Terry Frassetto, Saddleback president. “This allows us to acquire properties where other developers can not. Our expertise lies in identifying and rejuvenating distressed properties, creating a viable asset where there was formerly an obsolete property,”
Converting the Mount Olive property from a free-standing single use building to a multi-tenant building will require a total rehabilitation. Capital improvements will include new septic, new roof, paving, landscaping and the build out of all new interior spaces.
The industrial property will house up to eight tenants with spaces ranging from 4,500 to 15,300 square feet. The building will be available in the fourth quarter of 2018. It is located three miles from Route 80. The transaction was brokered by David Williams of Weichert Commercial Brokerage, Morris Plains, NJ.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
