M id A tlantic Real Estate Journal — New Jersey — February 18 - March 17, 2022 — 7B
www.marej.com
N ew J ersey
Jerry Fennelly and Patrick Dintrone represent seller in sale of 58-acre site for $40.25M NAI Fennelly Negotiates sales in Middlesex and Monmouth Counties, New Jersey
S
ing located at 68 Culver Rd. for $5.575 million. Dintrone repre- sented the seller in the transac-
interest from Acutis and close the deal on the seller’s behalf, resulting in a comprehensive end-to-end sale enabling him to find more time for golf. Acutis plans to convert the entire building to lab usage and will occupy 30,000 s/f while leasing the remaining 28,000 s/f to other firms in the market for prebuilt lab space. The building features 318 parking spaces partially covered by a recently installed 1-megawatt solar sys- tem that powers the property and is well suited for office, research and development or laboratory space. MAREJ
POTSWOOD, NJ — NAI Fennelly has negotiated the sale of a 58-acre man-
tion with the buyer Acutis Diagnostics, represented b y D o u g Petrozzini , senior man- aging director of Colliers . D e m o n -
u f a c t u r i n g site located near Exit 9 on the New Jer- sey Tpke. at 85 Main St. in Spotswood f o r $ 4 0 . 2 5 million. NAI F e n n e l l y ’ s
Jerry Fennelly Patrick Dintrone
strative of NAI Fennelly’s re- sults-driven and client-focused approach to marketing a broad spectrum of property types, Dintrone was able to secure
Jerry Fennelly, SIOR and Patrick Dintrone , repre- sented the seller in the sale to a private institutional buyer. The seller operated the facil- ity from 1941 to 2020, when it consolidated manufacturing at other locations and tapped NAI Fennelly to market the site for sale. The NAI Fennelly team im- mediately went to work target- ing occupiers, developers and investors locally nationally and globally, the team highlighted its location less than a mile from Rte. 18 and five miles from Exit 9 on the NJ Tpke., in addition to dual freight line rail connectivity, made it an ideal candidate for redevelopment into an institutional quality warehouse and manufacturing facility. Capitalizing on the strong demand for redevelopment sites along the New Jersey Tpke., NAI Fennelly’s imme- diately began a comprehen- sive marketing strategy that would highlight the property’s redevelopment potential. NAI Fennelly leveraged its signifi- cant experience with market- ing similar properties in the industrial submarket to create a marketing strategy that led to 40 showings, 20 offers and 10 financial statements in the first 30 days. “Selling manufacturing as- sets can be difficult for large international companies,” said Fennelly. “Far too often, a lack of local market knowledge and experience can make the sales process lengthy, expensive and frustrating. However, work- ing with NAI Fennelly allows international and national companies the opportunity to tap into our unparalleled experience in the central New Jersey market and enjoy the full end-to-end sales experience focused on efficiently securing the highest market value for any commercial asset.” In Monmouth Junction NAI Fennelly has negotiated the sale of a 58,000 s/f flex build-
85 Main Street in Spotswood
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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