An industrial complex in Morris County sold for $19.6 million.
CBRE arranged the sale of 25 Green Pond Road in Rockaway, it announced on Feb. 3, after fielding multiple offers for the property.
The firm said it was also appointed as exclusive leasing agency for 25 Green Pond Road by the unnamed buyer following the sale.
The CBRE Investment Properties team of Charles Berger, Mark Silverman and Elli Klapper, with the firm’s Thomas Mallaney, led the marketing campaign and represented the seller in the negotiations.
Kevin Dudley and Thomas Mallaney will oversee leasing.
The CBRE Debt & Structured Finance team of Jason Gaccione and Shawn Rosenthal secured financing for the buyer.
“We were able to maximize the value of the asset and achieve a near record-breaking price for our client, while delivering a unique property with a potential value add component for the new ownership,” Berger said in a prepared statement. “This sale is yet another example of the strength of the industrial market during the pandemic.”
New Jersey’s industrial market has seen record years recently, assisted by the surge in e-commerce amid COVID-19 and an emphasis on last-mile distribution.
Located directly off Interstate 80, the single-story Rockaway flex building sits on 13.7 acres. According to CBRE, it had been converted to office use to house Party City in a 106,000-square-foot space, but new ownership plans to return the complex to warehouse/logistics use, given current market dynamics and unprecedented demand for industrial space.
Editor’s note: This story was updated at 4:04 p.m. EST on Feb. 3, 2022, to include Thomas Mallaney as part of the team overseeing leasing at 25 Green Pond Road, and to identify the CBRE team that secured financing for the buyer.