4B — June 17 - July 21, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Stiger Street facility sits on 9.25 AC in Hackettstown The Blau & Berg Co. arranges sale of ±64,121 s/f industrial space
ACKETTSTOWN, NJ — The Blau & Berg Company ar- ranged the sale of a ±64,121 s/f industrial space on 9.25 acres on Stiger St. in Hack- ettstown. Jason Crimmins, CCIM, SIOR, Alessandro Conte, CCIM, SIOR, Peter Murano, Jr., SIOR , and Michael Schipper, SIOR , of The Blau & Berg Company represented the seller, Hack- ettstown Industrial Center. “The Stiger Street facility is a true value play in which the new operator will benefit from a generous upside opportunity H
Stiger Street in Hackettstown
in market rents”, said Michael Schipper, senior executive direc- tor with The Blau & Berg Co. “The western route 80 cor- ridors have seen a resurgence of demand as of late and in retrofitting this facility to cur- rent standards, with plans to rework loading positions, truck court, floors, and lighting, the building lends itself to both the manufacturing and warehous- ing arena" Schipper added. "The property consists of three buildings, with high vacancy and ample parking adjacent to the NJ Transit rail; we believe there will be no shortage of vi- able candidates for the facility upon delivery. We are thrilled to have executed a well-timed exit strategy for our client”. In Orange, NJ The Blau & Berg Co. recently arranged the sale of 1.56 acres of adjacent properties at 41-53 Lincoln Ave. The team of Jason Crim- mins, CCIM, SIOR, Alessandro (Alex) Conte, CCIM, SIOR, Mi- chael Schipper, SIOR and Peter Murano, Jr., SIOR represented the seller and the buyer, Russo Acquisitions LLC. The land is earmarked for a massive development project, as detailed by Schipper. “The closing of these two properties marks the completion of an assemblage which began half a decade ago. The sites will be- come part of a 410 unit transit oriented luxury apartment com- plex complete with public green spaces, pedestrian walkways, and seven-hundred, fifty park- ing spaces at the entry of Orange Train Station, with mid-town direct service to Manhattan,” said Schipper. “The patience of our clients and the tenacity of the development team was para- mount in the completion of these transactions. We look forward to what Russo Development and Dinallo Construction will de- liver in the coming year.” MAREJ
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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