CBRE GROUP, INC. COMPLETES $2.35 MILLION SALE OF 12 ACRES IN MOUNT OLIVE, N.J.
New Owner Developing Food Processing Facility at the International Trade Center
MOUNT OLIVE, N.J. (June 12, 2014)– CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it has completed the sale of 750 Clark Drive, in Mount Olive, N.J., a 12-acre parcel of vacant land at the International Trade Center, for $2.35 million.
The CBRE team of Stephen Sander, vice president, and Thomas Mallaney, first vice president, represented the seller, Exeter Properties, in the transaction. Exeter Properties is a real estate investment company focused on the industrial property and CBRE serves as the exclusive leasing and management team for the company’s property within the International Trade Center.
This transaction involved ample collaboration between professionals from the United States and Italy. The buyer, Fratelli Beretta U.S.A., Inc., is a family-owned meat processing corporation and a leader in the Italian food market. The company has already broken ground at the 12-acre, fully approved land site and plans to construct a 180,000-square-foot food processing facility.
“This sale represents a significant transaction in New Jersey and the Morris county region,” said Mr. Sander. “We’re especially excited about the deal because we have not seen a major land development sale of industrial property in Morris County in quite some time. The township of Mount Olive, as well as the Morris County Economic Development Corporation, played a substantial role in the trade.”
The International Trade Center is strategically located along Interstate 80 and Route 46 and offers two miles of highway frontage. The complex is located just 40 miles west of New York City.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.