Three industrial property deals totaling 37,000 square feet completed in Morris County
BOONTON, N.J. — Resource Realty of Northern New Jersey announced the completion of three industrial real estate transactions in Morris County totaling approximately 37,000 square feet, reflecting continued demand for small-bay industrial properties in the region.
The transactions include the sale of a 12,000-square-foot industrial building in Boonton and two lease agreements totaling nearly 25,000 square feet in Boonton and Rockaway.
Resource Realty Principals Scott Peck and Greg Sabato represented ownership in the sale of 219 Division St. in Boonton. The single-story industrial property sits on 0.7 acres and features multiple drive-in doors. The site is located less than three blocks from Interstate 287 and within walking distance of downtown Boonton and a NJ Transit rail station.
“This sale reflects an on-going trend RRNNJ has been seeing in this Northern New Jersey submarket for many years,” Peck said. “Properties with immediate proximity to major regional highways like I-287 and I-80 continue to command a premium. Infill municipalities such as Boonton offer exceptional connectivity to New York City, upstate New York and South Jersey, which continues to attract investment to the region and enduring occupancy among small-to-midsized users.”
Less than a block away, Resource Realty Principals Brian Wilson and Tom Consiglio arranged a 15,000-square-foot lease at 325 Division St. on behalf of Side Out Sports. The property includes 1,500 square feet of office space, 22-foot-clear ceilings and three loading gates. It is located approximately 1.3 miles from Interstate 287, with access to U.S. Route 46 and the Garden State Parkway.
“Distribution, light industrial and service-operation tenants seeking efficient regional access, especially in the wake of fluctuating gas prices, are increasingly targeting Morris County,” Wilson said. “Whether in Rockaway or Boonton, few locations in New Jersey provide this level of access and convenience to the tri-state service markets of Pennsylvania, New York City, Southern New York State and Central New Jersey.”
In the third transaction, Wilson represented a tenant in a 10-year lease renewal for 9,339 square feet at 41 Pine St. in Rockaway. The space is located within a six-building industrial park situated near Interstate 80.
The property, originally built in 1955, offers a mix of office and industrial space across a 17-acre campus and provides access to Routes 46, 10 and 15.
The transactions come as demand remains strong for smaller industrial properties in Northern New Jersey, particularly in locations offering direct access to major transportation corridors and regional markets.
