NAI Mertz, a leading full-service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, announced Fred Meyer, SIOR, executive vice president, and Jonathan Klear, senior vice president, completed the sale of 540 Glen Avenue, a 209,000-square-foot industrial property in Moorestown to One Liberty Properties Inc. The sale price was $13.55 million.
“Moorestown is a popular region full of industrial product that attracts serious investors,” said Meyer. “We are pleased to have brought this buyer to this property and to have helped them add a quality facility to their portfolio,” he added.
The Meyer-Klear team was responsible for leasing 72,648-square-feet of space at the building over the past year.
“This property was fully leased at the time of the purchase, making this an appealing investment for the new owner,” stated Klear. “The two tenants in the building have lease agreements in place guaranteeing occupancy until 2023 and 2027,” he added.
Located in close proximity to Interstate 95, the New Jersey Turnpike and Routes 38, 70 and 130, 540 Glen Avenue was significantly renovated in 2017. Building features include 18′-24′ clear ceiling heights, approximately 40′ x 40′ column spacing, 300+ car parking, newly paved, easy access and abundant parking for trucks and a full capacity backup electric generator.
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