Pat Napatano, looking to retire and sell his Ewing property, enlisted NAI Fennelly’s Jerry Fennelly for the assignment. Working with Matthew Fennelly, the team said it was able to secure a buyer within 24 hours, and close the sale of the in 35 days.
On Dec. 14, NAI Fennelly announced it negotiated the sale of 94 Stoke Ave., a four-story, 48,000-square-foot industrial building for $600,000.
The unnamed, Brooklyn-based buyer saw potential to expand its wholesaling business at the property, according to NAI Fennelly.
At 50% leased, the firm said Napatano enlisted its help to close on a sale before year-end to avoid potential 2022 tax code changes.
“Due to the extreme demand for New Jersey warehouse space, the pricing velocity continuously fluctuates and deals often take months to come to a close as buyers fight each other for a few extra cents per square foot,” said Jerry Fennelly. “This deal speaks to our firm’s ability to get deals done quickly while still realizing the full value of the property for the seller.
“It is exciting to see this historic building begin its next chapter and to have helped my client accomplish their real estate goals ahead of schedule,” he added.
Built in 1940, the building was a propulsion laboratory for the U.S. Navy in World War II, NAI Fennelly said. Now, it offers 10-foot ceilings, two drive-ins and a loading dock and ample parking in a highly accessible location, near Routes 1, 29 and 31.