Real Estate Journal — New Jersey — February 9 - 22, 2018 — 15B
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N ew J ersey
Stable cash flow draws strong bidder interest for 150 Mt. Bethel Rd. Warren flex industrial property trades in Cushman & Wakefield brokered sale
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dustrial property with excess developable land in Warren has sold in a year-end transac- tion facilitated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group . Devli Group acquired the prop- erty at 150 Mt. Bethel Rd. from Hampshire Management. The offering drew strong interest from a bidder pool dominated by private investors, according to Cushman &Wake- field’s Andrew Schwartz , who headed the assignment with Andrew Merin, David Ber- nhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and
ARREN , NJ — A two - bu i l d i ng , 122,000 s/f flex in-
Ryan Larkin . “The seller ac- quired the building vacant in 2010 and implemented an ag- gressive leasing strategy that brought it to 88% occupancy,” Schwartz noted. “The property’s seven tenants have a weighted average remaining lease term of nine years. This stability, combined with the opportunity to lease-up the remaining space made it an attractive opportu- nity.” “Today’s investors are looking for properties with upside, and 150 Mt. Bethel Rd. is a great il- lustration of this trend,” Larkin said. n
application of a conceptual site model, are some of the methods an LSRP can utilize to complete a Remedial Investigation. Remedial Action - A Remedial Action Work Plan (RAWP) is prepared which describes the remedial actions that will be implemented to address con- tamination. The RAWP also describes the steps that will be taken to confirm the effec- tiveness of the remediation. In the case of soil excavation, effectiveness is generally dem- onstrated through the collection and analysis of soil samples taken from the horizontal and vertical limits of the excavation. While excavation is a common soil remediation method, other remedial action alternatives include bioremediation, in-situ chemical oxidation, and soil vapor extraction. In some cases, is it appropri- ate to use institutional and engineering controls to address contamination. Institutional controls, such as a deed notice in the case of impacted soil or a Classification Exception Area in the case of impacted ground wa- ter, provide notice to potentially affected parties and the public regarding the presence of envi- ronmental contamination and the resulting use restrictions. Engineering controls typically consist of barriers designed to prevent contact with contami- nated media. Engineering con- trols can include perimeter fenc- ing, soil cover, pavement, and other features that may serve as a barrier. Building slabs, road- ways, and parking lots can also be used as engineering controls. Case Closure - Once the LSRP determines that all necessary remediation and administra- tive tasks have been completed, he or she will issue a Response Action Outcome letter (RAO) to the responsible party to certify that remediation is complete. NJDEP receives a copy of the RAO at which time the case is closed. NJDEP may audit the RAO and associated documenta- tion to confirm the remediation was conducted properly and the RAO is protective. Brian Fennelly, PE, LSRP is the founder and managing member of Fennelly Envi- ronmental Associates, LLC (FEA) based inPrinceton, NJ. continued from page 13B Environmental . . .
150 Mt. Bethel Rd. aerial
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