By Keith Loria
The Devli Group has acquired Hackettstown Commerce Park, a three-building, 197,438-square-foot flex industrial campus in Hackettstown, N.J. from The Hampshire Companies. Cushman & Wakefield represented the seller in the transaction.
Located at 101 and 103 Bilby Road, and 715 Willow Grove St., the complex also includes 2.74 acres of developable land at 717 Willow Grove St. and 5.13 acres of developable land at 713 Willow Grove St.
Hackettstown Commerce Park was 88 percent leased at the time of the sale, and included a tenant roster consisting of the United States Department of Agriculture, Andrex, Rollon, Computer Wholesalers, Inc., Rotarex and On-Demand Technology Solutions. The complex offers flex units of anywhere from 2,600-30,000 square feet with 24′-25′ clear ceilings and ample parking.
The property offers easy access to Route 46 and Interstate 80, the second-longest interstate highway in the nation and is close by Hackettstown Medical Center, Mars Chocolate’s North American headquarters, the International Trade Center and Picatinny Arsenal.
“New Jersey’s north west industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” Igor Derbaremdiker, The Hampshire Companies’ director of dispositions, said in a prepared release. “Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro-forma. The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
Cushman & Wakefield’s Andrew Merin, Andrew Schwartz and Ryan Larkin represented The Hampshire Companies in the deal.
Earlier this week, The Hampshire Cos. sold a 117,992-square-foot, four-building industrial portfolio in Connecticut to a private buyer. This summer, the company also sold a six-building industrial portfolio totaling 1.2 million square feet in northern New Jersey for $146.9 million.
Image courtesy of Devli Group