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| 350 Clark Drive, Mount Olive, NJ |
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| Michael Nachamkin |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $27.125
million sale of 350 Clark Drive, a
446,076-square-foot industrial and office building in the Morris County
community of Mount Olive, New Jersey.
HFF marketed the site on
behalf of the seller, North Jersey Development Group. Commercial Realty Group purchased the asset.
Situated on 40.5 acres,
350 Clark Drive is in the northern New Jersey community of Mount Olive within
the International Trade Center, a 684-acre business/commerce center originally
developed by The Rockefeller Group and located within a designated Foreign Trade
Zone that offers companies tax incentives on merchandise imported for
manufacturing or assembling when the final product is exported outside of the
U.S.
The property is one mile
from Interstate 80 and Routes 206 and 46, which provide access to the rest of
New Jersey’s highway network and eastern Pennsylvania.
Completed in 1990, 350
Clark Drive consists of a 335,122-square-foot industrial building with 29,340
square feet of mezzanine space and a three-story, Class A office building that
was added in 1995 and totals 75,000 square feet.
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| Jose Cruz |
The industrial portion is
100 percent leased to two tenants, Performance Food Group and 350 Logistics,
while the office portion is home to eight tenants, including Mars Incorporated,
Lion Ribbon Company, Hundley Burns and FC Architects.
The HFF investment sales
team representing the seller was led by Michael
Nachamkin along with Jose Cruz
and Robert Borny.
“The seller and purchaser
worked closely together to complete due diligence and complete the transaction
in a very timely manner,” Nachamkin said.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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