The Hackettstown Commerce Park, a 197,438 square foot flex industrial complex in Hackettstown, NJ has been sold for an undisclosed sum to the Devli Group. The asset encompasses three buildings on Bilby Road Willow Grove Street along with just under 8 acres of developable land. Currently 88 percent leased, the facility features unit sizes from 2,600-30,000 sqf with 24’-25’ clear ceilings and has easy access to Route 46 and Interstate 80. Anchor tennants include the United States Department of Agriculture, Andrex, Rollon, Computer Wholesalers, Inc., Rotarex and On-Demand Technology Solutions. Andrew Merin, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller, The Hampshire Companies in the transaction.
“The New Jersey’s northwest industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro-forma. The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
