Montclair industrial site sells for $2.1M, Kislak says

After marketing the 14,000-square-foot building on an exclusive basis, Kislak Commercial Real Estate Services Inc. announced the recent sale of an industrial property in Montclair.

Located at 154-162 Pine St., a joint venture of The Becker Organization and Greenwood Development purchased the property for $2.1 million from Improved Industrial Methods, Kislak said April 18.

Executive Vice President Peter Wisniewski and Vice President Stephen Gianis managed the assignment on behalf of the seller and procured the buyer in a first-time transaction for the firm with both parties in their exclusive representation of the property.

According to a statement from Wisniewski, 154 Pine St. — which he described as unique and older — generated interest from investors, owner-users and developers, resulting in multiple offers being considered. “The tremendous activity generated around this property is reflective of the current state of the industrial market in New Jersey,” he added.

The status of the sector Wisniewski refers to is record-breaking. According to JLL’s first quarter 2022 Industrial Insights report, the vacancy rate in the sector is under 4%.

The property is situated in Montclair’s mixed-use section, adjacent to a retail center anchored by a CVS Pharmacy. It is blocks from Hackensack Meridian Mountainside Medical Center and easily accessible to Interstate 280, the Garden State Parkway and the Bay Street and Walnut Street New Jersey Transit train stations.

The one-story, brick building is zoned C-2 for General Business and Light Manufacturing, with permitted uses that range from warehouse, wholesale distribution, commercial laundries, auto repairs, certain types of restaurants, retail and other uses to a new residential development including senior housing, as per the R-4 three-story apartment zoning, according to Kislak. With 5,000 square feet of parking in a fenced and paved lot, 154 Pine St. also offers three loading, drive-in doors; 17-foot ceilings with dropped ceiling grids and fluorescent lighting.

“The Becker Organization and Greenwood Development were the perfect buyer for this property because of their years of experience in Montclair working on similar assets,” Gianis said.

Both The Becker Organization and Greenwood Development are headquartered in the city.

According to Kislak, future plans for the property were not disclosed.