Devli Group Continues Acquisition Binge in NJ
- Jan 04, 2018
Devli Group has acquired a two-building flex industrial property, and an excess of developable land in Warren, N.J., from The Hampshire Cos. The deal follows Devli’s purchase of an industrial campus in Hackettstown, N.J., last October.
The asset is located at 150 Mt. Bethel Road and features 122,000 square feet of space, suitable for warehousing and distribution, light manufacturing, scientific/research labs, training/conference facilities and office uses. Additionally, the property features 26-foot clear ceiling heights, nine loading docks and 355 parking spaces.
Located in the midst of New Jersey’s Wealth Belt, an area along Interstate 78, the property offers easy access to Interstate 287. It is also equidistant from New York City and Pennsylvania, and 25 minutes from downtown Morristown and Newark Airport.
Hampshire acquired the vacant property in 2010 from Goldman Sachs Asset Management, Yardi Matrix data shows. After successfully implementing an aggressive leasing strategy, it brought the property’s occupancy level to 88 percent, with the average lease term remaining being nine years.
A Cushman & Wakefield Metropolitan Area Capital Markets Group team comprising Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin brokered the sale.
“Today’s investors are looking for properties with upside and 150 Mt. Bethel Road is a great illustration of this trend,” Larkin said in a prepared statement. “The pursuit of assets where value can be added—whether through development/redevelopment or lease-up/re-tenanting—is a common denominator in today’s market.”
Image courtesy of Yardi Matrix