CBRE’S Investment Properties Team Arranges $1.5 Million Sale of Industrial Building at 999 Willow Grove In Hackettstown, NJ

The CBRE Investment Properties team of first vice presidents Charles Berger and  Elli Klapper, along with Advisory & Transaction Services’ Thomas Mallaney, has completed the sale of 999 Willow Grove Street in Hackettstown, New Jersey. The investment sales team arranged the $1.5 million transaction on behalf of the seller. 

 

999 Willow Grove is a two-story, 45,000-square-foot industrial building ideally located on one of the largest industrial corridors in Hackettstown, New Jersey. Although 50 percent vacant at the time of the sale, the current in-place tenancy consists of long-term tenants, most of whom have occupied their spaces for over two decades on triple net leases. The property encompasses over 12 acres and, at one point, had approvals in place for additional development. The well-maintained building boasts seven loading docks, a repaved driveway and a complete sprinkler system. Located minutes from Routes 46, 80 and 287, and under a mile from the Hackettstown Medical Center, 999 Willow Grove offers an opportunity for future development. 

 

According to Mr. Berger, who along with his team is one of the most active investment sales brokers in the mid-market sector, “This transaction speaks to the continued strength of the New Jersey industrial/flex market in both urban and suburban areas and the strong interest from investors in other regions. We collaborated with our CBRE industrial leasing group to ensure potential buyers fully understood the market and the significant upside potential this property presented. Not only was it 50 percent vacant, there was also a significant development opportunity, as there was ample unused acreage available for potential uses.”