Three small bay industrial transactions recorded by Resource Realty of Northern New Jersey

In a market where there continues to be a distinct regional pivot toward premium infill small-bay industrial spaces, Resource Realty of Northern New Jersey (RRNNJ) has completed three industrial transactions spanning Morris County, N.J., totaling approximately 37,000 square feet. The firm’s latest activity features the sale of a 12,000-square-foot industrial facility in Boonton alongside two leases combining for nearly 25,000 square feet across the township and nearby Rockaway.

In the sale transaction, RRNNJ Principals Scott Peck and Greg Sabato represented ownership in the trade of 219 Division St., in Boonton. Located less than three blocks from the I-287 North/South ramp, the single-story property occupies 0.7 acres and features multiple drive-in doors. Major area retailers include ACME Markets and Walmart. A NJ Transit rail station and the downtown business district are within walking distance.

“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 one block away at 325 Division St., RRNNJ Principals Brian Wilson and Tom Consiglio arranged a 15,000-square-foot lease on behalf of Side Out Sports. The property features 1,500 square feet of office space, 22-foot-clear ceilings and three loading gates. It is located 1.3 miles from Interstate 287, providing 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 also arranged a 10-year renewal of 9,339 square feet at 41 Pine St., in Rockaway, only two blocks from I-80. Representing the tenant, Wilson secured space within the six-building industrial park, which was originally built in 1955. The property offers a mix of office and industrial space across a 17-acre campus.

In addition to its strategic location along the I-80 corridor, the property provides convenient access to Routes 46, 10 and 15.