NAI Hanson Negotiates Sale of 67,000-Square-Foot Morris County Industrial/ Flex Building
Parsippany, N.J. (August 7, 2019) – NAI James E. Hanson announces it has negotiated the sale of a 67,434-square-foot industrial/flex building at 60 E. Halsey Road in Parsippany, N.J. NAI James E. Hanson’s Barry J. Cohorsky, SIOR, and LJ Koch represented the seller, Kent International, in the transaction and the buyer, an equity investor out of Boston, MA, was represented by Transwestern’s Rick Rizzuto and Tim Patterson.
In a market with a constrained supply of industrial product and strong demand, 60 E. Halsey Road represented a rare industrial/flex acquisition opportunity. Spread over five acres with 12,000 square feet of office space, seven 8’x9’ loading docks, and ceiling heights ranging from 15’6”-25’, the space is well suited to a wide range of users. The building is also situated directly off Exit 40 on Interstate 287 and provides easy access to Interstates 78 and 80 and offers toll-free access to Port Newark-Elizabeth.
“The Morris County industrial submarket, although smaller than surrounding markets, continues to be in high demand from investors and users searching for well-located opportunities in the current stage of the market,” said Cohorsky. “With asking leasing rates seeing a steady increase, now well over $8-per-square-foot and higher in some buildings, we are experiencing an all-time low in vacancy and there is a great demand, presenting a favorable environment for sellers.”
The seller, Kent International, is a leading manufacturer and distributor of bicycles with a sales footprint spanning 20 countries. Kent is planning on relocating their manufacturing operations and engaged with NAI James E. Hanson after other brokerages had struggled to sell the space.
Arnold Kamler, CEO of Kent International commended the work of Cohorsky and Koch, stating, “We’ve worked with several brokers over the past three years and consistently were promised high returns but they all failed. However, through the work of Barry and LJ, using creative sales techniques helped establish a positive market and we reached a more than satisfactory deal with a buyer.”
“The successful sale of 60 E. Halsey Road on behalf of our client showcases the advantage of working with a brokerage team that is tapped into the local market. Our deep experience in northern New Jersey allows our team to develop marketing strategies that attract motivated buyers and help our clients secure premium prices for their assets,” added Koch.
Based in Boston, Long Point Realty Partners is a real estate private equity firm focused on acquiring infill warehouses and shopping centers with the opportunity to enhance returns at the property level. The acquisition of 60 E. Halsey marks their second acquisition in New Jersey.
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