An industrial site changed hands in Bergen County, with Lee & Associates New Jersey announcing the sale of a Franklin Lakes warehouse May 25.
Senior Vice President Douglas Rowe arranged the sale of 550 Commerce St., representing the buyer.
The two-story building was acquired by Westwood Investments LLC for $3.8 million from seller Prestige Services, a vending, refreshment and dining services provider. The flex warehouse is comprised of 17,752 square feet.
The building is fully occupied by a single tenant with a long-term lease. According to Lee & Associates NJ, Westwood Investments intends to use the asset as an investment property.
“The industrial market in suburban markets has continued a strong trajectory throughout 2022,” Rowe said. “We are thrilled that we were able to assist our long-time client Westwood Investments in acquiring this property.”
According to the firm’s First Quarter 2022 Industrial Market Snapshot for Northern and Central New Jersey, total vacancy for the area was 2.6% during the first three months of the year. As demand for industrial space persists, rents have risen. In Collier’s Q1 industrial report, the average asking rent per square foot in the region was up by more than $2 over the same time period the year before to $12.16 per square foot.