Real Estate Journal — Northern New Jersey — September 13 - 26, 2019 — 9B
www.marej.com
M id A tlantic
N orthern NJ
ARSIPPANY, NJ — NAI James E. Hanson has negotiated the sale Transwestern’s Rizzuto and Patterson represent buyer, Long Point Realty Partners Cohorsky and Koch of NAI Hanson negotiates sale of 67,000 s/f Morris County industrial/flex bldg. P tive market and we reached a more than satisfactory deal with a buyer.” allows our team to develop marketing strategies that at- tract motivated buyers and
of a 67,434 s/f industri- al/flex build- ing at 60 E. Halsey Rd. in Parsippany. NAI James E. Hanson’s Barry Co- h o r s k y ,
"Our deep experience in northern New Jersey allows our team to develop marketing strategies that attract motivated buyers and help our clients secure premiumprices for their assets,” said Koch.
“The successful sale of 60 E. Halsey Rd. on behalf of our cli- ent showcases the advantage of working with a brokerage team that is tapped into the local market. Our deep experi- ence in northern New Jersey
help our clients secure pre- mium prices for their assets,” added Koch. The acquisition of 60 E. Halsey marks Long Point Re- alty Partners' second acquisi- tion in New Jersey.
Barry Cohorsky
SIOR, and LJ Koch repre- sented the seller, Kent Inter- national, in the transaction and the buyer, Long Point Realty Partners out of Bos- ton, MA, was represented by Transwestern’s Rick Riz- zuto and Tim Patterson . In a market with a con- strained supply of industrial product and strong demand, 60 E. Halsey Rd. represented a rare industrial/flex acquisi- tion opportunity. Spread over five acres with 12,000 s/f of office space, seven 8’x9’ load- ing docks, and ceiling heights ranging from 15’6”-25’, the space is well suited to a wide range of users. The building is also situated directly off Exit 40 on I-287 and provides easy access to Interstates 78 and 80 and offers toll-free access to Port Newark-Elizabeth. “The Morris County indus- trial submarket, although smaller than surrounding markets, continues to be in high demand from investors and users searching for well- located opportunities in the current stage of the market,” said Cohorsky. “With asking leasing rates seeing a steady increase, now well over $8 psf and higher in some buildings, we are experiencing an all- time low in vacancy and there is a great demand, presenting a favorable environment for sellers.” The seller, Kent Interna- tional, is a manufacturer and distributor of bicycles. Kent is planning on relocating their manufacturing operations and engaged with NAI James E. Hanson after other brokerages had struggled to sell the space. Arnold Kamler, CEO of Kent International commended the work of Cohorsky and Koch, stating, “We’ve worked with several brokers over the past three years and consistently were promised high returns but they all failed. However, through the work of Barry and LJ, using creative sales tech- niques helped establish a posi-
60 E. Halsey Rd.
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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