An industrial complex in Rockaway, New Jersey was recently sold for $19.6 million.
Situated on 13.7 acres at 25 Green Pond Road, the property features a 121,038 square foot, single-story, fully air-conditioned, flex building. Located directly off the I-80, 106,000 square feet of the building’s space had previously been transformed for office use; however, the new owners will reportedly reconvert the complex for warehouse/logistics use.
The sale was handled by CBRE. The CBRE Investment Properties team of Charles Berger, Mark Silverman, and Elli Klapper in conjunction with CBRE’s Thomas Mallaney organized the marketing campaign and represented the seller throughout the negotiations.
The property’s new owners have appointed CBRE as the exclusive leasing agency for the property with CBRE’s Kevin Dudley to oversee the task.
“We were able to maximize the value of the asset and achieve a near record-breaking price for our client, while delivering a unique property with a potential value add component for the new ownership,” said Mr. Berger. “This sale is yet another example of the strength of the industrial market during the pandemic.”
