Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the trade of Hackettstown Commerce Park, a 197,438-square-foot flex/industrial campus with nearly eight acres of developable land in Warren County. Devli Group purchased the asset from Hampshire Management Company.
Comprised of three buildings and two land parcels on Bilby Road and Willow Grove Street in Hackettstown, Hackettstown Commerce Park is currently 88 percent leased to 11 tenants. Investor interest in the Park was due to its long history of tenant retention (7.7 years weighted average remaining lease term), and its value-add opportunity to lease up the remaining vacancy and ability to create additional inventory on approximately eight acres of excess developable land (2.75-acre plot already approved for a 25,000-square-foot building).
“Multi-tenant industrial is in great demand in Northern New Jersey, and Hackettstown Commerce Park offers a diverse rent roll including distribution, fulfillment and light assembly operations,” noted Cushman & Wakefield’s Andrew Merin, who headed the assignment with Metropolitan Area Capital Markets team members David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz, Kyle Schmidt, Ryan Larkin; and industrial leasing specialistJason Barton.
The team represented the seller and procured the buyer for Hackettstown Commerce Park. “Leasing velocity during the marketing process and closing period further demonstrated the property’s demand,” Schwartz said. The offering drew robust touring and multiple qualified bidders.
Hackettstown Commerce Park sits just minutes from I-80 and Route 46, just 20 miles east of the Pennsylvania border, offering easy access to the immediate market and major thoroughfares serving the entire tri-state region. Its neighbors include Hackettstown Regional Medical Center and Mars Chocolate’s North American headquarters – two major employers that also support local healthcare and consumer products services providers.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $26 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
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