NAI Hanson Represents Both Parties in Sale of Industrial Complex in Newton, N.J.
NEWTON, N.J. (April 25, 2013)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced that it represented both parties in the sale of a 109,751-square-foot industrial complex at 75 Mill Street in Newton, N.J.
The property, which consists of four buildings on 4.16 acres, changed hands for $1.45 million. NAI Hanson Vice President Sig Schorr and Sales Associate Joseph F. Vindigni oversaw the transaction.
The seller was Newton Industrial Park, LLC. The buyer, Darlington Heritage Properties, LLC, intends hold the site for investment purposes.
“At closing, the property was approximately 80 percent leased with approximately 22,000 square feet of available space,” Schorr said. “This situation afforded the buyer a greatinvestment opportunity because there is a high return with additional upside potential.”
The two-story property has 21 units with ceiling heights totaling 15 feet, five tailgates and one drive-in. The facility has a parking ratio of 2.5 per 1,000 square feet. It has convenient proximity to Routes 80, 287 and 87.
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.