{"id":1004282537,"date":"2018-11-29T05:17:57","date_gmt":"2018-11-29T13:17:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004282537"},"modified":"2022-12-08T18:11:56","modified_gmt":"2022-12-09T02:11:56","slug":"hampshire-cos-sells-nj-industrial-building-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hampshire-cos-sells-nj-industrial-building-for-51m\/","title":{"rendered":"Hampshire Cos. Sells NJ Industrial Building for $51M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"700<\/a>

700 Union Blvd.<\/p><\/div>\n

HFF has brokered the sale of a $51 million industrial building in Totowa, N.J. The company had marketed 700 Union Blvd., a 382,596-square-foot property on behalf of the seller, The Hampshire Cos. of Morristown, N.J.<\/p>\n

The buyer was AEW, according to sources familiar with the transaction.<\/p>\n

The property consists of two adjoining parts. An older portion, completed in 1963 and renovated since, comprises a 210,750-square-foot warehouse with an attached 43,442-square-foot, two-story office annex. A new addition of 137,323 square feet, with 36-foot clear ceilings, was completed recently. The 26-acre site now totals 55 loading docks, about 52 trailer spaces and about 262 parking spaces and also features a new ESFR system.<\/p>\n

700 Union Blvd. is just off I-80 and less than 13 miles from the New Jersey Turnpike, which provides easy access to the rest of northern New Jersey and to New York City.<\/p>\n

The HFF team included Executive Managing Director Joe Thornton Jr., Senior Managing Directors Jon Mikula and Jose Cruz, and Directors Marc Duval and Jordan Avanzato.<\/p>\n

\u201cWe continue to see investor interest in high quality and well-located industrial assets throughout the state<\/a><\/em>,\u201d Cruz said in a prepared statement.<\/p>\n

The property was marketed along with a $147 million, six-building industrial portfolio totaling 1.2 million square feet in northern New Jersey, the sale of which was closed by HFF in mid-2017<\/a>.<\/p>\n

The closing on 700 Union Blvd., Cruz added, \u201ccompletes the acquisition of the portfolio<\/em>.\u201d<\/p>\n

Hampshire had purchased the property in mid-2016 from P.F. Laboratories Inc., a subsidiary of Purdue Pharma LP, for about $20 million.<\/p>\n

Stronger than strong <\/h2>\n

The New Jersey industrial market is among the nation\u2019s strongest, with 10.6 million square feet of leasing in just the third quarter, which is up 8.0 percent from the five-year average, according to a new report from Colliers International.<\/p>\n

Big-box leases in particular showed remarkable activity: Eight leases for more than 300,000 square feet each were signed in the third quarter. Average availability fell by 100 basis points year-over-year, to 5.0 percent.<\/p>\n

With all that, it\u2019s no surprise that the average asking rent rose to $7.93 per square foot, up 11.2 percent from last year\u2019s average and an all-time record, again per Colliers.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF handled the sale of the more than 380,000-square-foot property in Totowa, which consists of both older renovated space and a brand-new addition. <\/p>\n","protected":false},"author":882,"featured_media":1004282561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1600,21742,10],"tags":[32763,32792,35314],"class_list":["post-1004282537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-colliers-international","tag-hff","tag-the-hampshire-companies"],"acf":[],"yoast_head":"\nHampshire Cos. 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