Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $27.125 million sale of 350 Clark Drive, a 446,076-square-foot industrial and office building in the Morris County community of Mount Olive.
HFF marketed the site on behalf of the seller, North Jersey Development Group. Commercial Realty Group purchased the asset.
Situated on 40.5 acres, 350 Clark Drive is in the northern New Jersey community of Mount Olive within the International Trade Center, a 684-acre business/commerce center originally developed by The Rockefeller Group and located within a designated Foreign Trade Zone that offers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside of the U.S. The property is one mile from Interstate 80 and Routes 206 and 46, which provide access to the rest of New Jersey’s highway network and eastern Pennsylvania. Completed in 1990, 350 Clark Drive consists of a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, Class A office building that was added in 1995 and totals 75,000 square feet. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Company, Hundley Burns and FC Architects.
The HFF investment sales team representing the seller was led by Michael Nachamkin along with Jose Cruz and Robert Borny.
“The seller and purchaser worked closely together to complete due diligence and complete the transaction in a very timely manner,” Nachamkin said.Related Articles: