Montville-based Diversified Properties LLC expanded its portfolio with the addition of an industrial property located in Morris County.

The real estate developer and owner announced it acquired 1 Indian Lane E. in Towaco, a 9,000-square-foot property located off Route 202 near Exit 47 on Interstate 287.

Towaco is an an unincorporated community located within Montville Township.

The single-story industrial building includes offices, a loading dock and a direct entry overhead door.

While the property is fully occupied, Diversified Properties said the existing tenant plans to vacate the space when its lease expires at the end of the year, creating a single-user availability. According to its website, security provider Engineered Security Systems currently operates from the building.

“Industrial assets in markets like Morris County continue to benefit from the space crunch seen in areas to the east around the Meadowlands, Port Newark and Elizabeth,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “As construction continues to lag behind demand in primary markets, buildings in areas like Montville are well-positioned to see strong demand for years to come.”

Neither financial terms nor the seller in the Towaco deal were disclosed.

The addition expands Diversified Properties’ North Jersey holdings. According to the firm, it currently has more than 350,000 square feet of industrial space in its development and acquisition pipeline.

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