CBRE closed the $12.75-million sale of Pine Street Commons, a 17-acre mixed-use complex located at 31 Pine St. in the Morris County community of Rockaway, NJ. Charles Berger of CBRE’s Investment Properties spearheaded the marketing campaign, and along with CBRE’s Jeffrey Babikian represented the seller, Pine Street Commons LLC. The team also procured the buyer.
The complex, consisting of six buildings offering flex industrial and warehouse facilities with boutique office space, was acquired by a private investor. “This transaction closed in a very challenging environment for capital markets, which demonstrated the fortitude and flexibility of all parties involved,” said Berger.
The CBRE team worked closely with ownership to highlight the many potential sources of revenue, including rental, solar and development potential. The new ownership will hold the asset with nearly 95% occupancy and consider development options on available land at the property at a later date.
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