"This property benefits from stable cash flow and a diverse rent roll of long-term occupants," says Cushman & Wakefield's Andrew Schwartz, who represented the seller and procured the buyer with investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, with assistance from industrial market specialist Stephen Sander.

"Demand for industrial product in Northern New Jersey is at historic highs, and this opportunity drew significant interest and multiple offers from the investment community, including private firms from New Jersey and New York," Schwartz adds.

114 Beach St. is located less than one mile from I-80 and Route 46 in the heart of Morris County, providing access to more than 34 million customers within a three-hour drive. The densely populated, affluent region just 35 miles west of New York City has made it a target location for "last mile" distributors and service providers alike, Cushman & Wakefield notes. At the same time, the immediate area is known for its favorable labor market conditions for warehouse employment.

"Within this context, 114 Beach Street boasts historically strong occupancy—with an average occupancy of 97% over the past 10-plus years," MacDonald adds. "As both online retail sales and manufacturing are expected to trend higher, the New Jersey industrial market is poised to remain one of the healthiest markets in the nation. Northern New Jersey's 635-million-square-foot inventory; proximity to New York City, The Port of New York/New Jersey and Newark Liberty International Airport; and concentrated highway infrastructure makes it a preferred location for companies that need quick access to the robust New York Metro area."

In June, The Silverman Group, unveiled plans for "S on South at Morristown" and has submitted plans for 111,022 square feet of office space above retail storefronts at 54-80 South St. and 10 Pine St., which are just southeast of the Morristown Green, according to a report in Real Estate NJ.