Kislak Commercial announced on Monday the recent sale of a 14,000 square foot industrial building in Montclair for $2.1 million.
The Woodbridge-based brokerage firm marketed the property on an exclusive basis, with Executive Vice President Peter Wisniewski and Vice President Stephen Gianis managing the assignment on behalf of the seller, Improved Industrial Methods. Wisniewski and Gianis also procured the buyer, a joint venture between the Becker organization and Greenwood Development. This was a first transaction for Kislak with seller and buyer in their exclusive representation of the property.
“154 Pine St. was a unique former industrial property with parking in a popular mixed-use section of Montclair. The property has attracted interest from a wide range of investors, owner-users and developers, with multiple offers being considered. The tremendous activity being generated around this property reflects the current state of the New Jersey industrial market,” Wisniewski said.
“The Becker Organization and Greenwood Development were the ideal buyer for this property due to their years of experience in Montclair working on similar assets,” added Gianis.
Located at 154-162 Pine Street, the asset is a one-story brick building with three cargo doors and drive-through access; 17 foot ceilings with suspended ceiling grids; fluorescent lighting; and approximately 5,000 square feet of parking in a fenced, gated, paved lot adjoining the building.
Zone C-2 for general commerce and light industry, permitted uses of the property range from warehouse, wholesale distribution, commercial laundries, auto repairs, certain types of restaurants, retail and d other uses, to new residential developments, including housing for the elderly, in accordance with the R -4 zoning of three-storey apartments. Future plans for the property were not disclosed.
Located in central Montclair, the asset is adjacent to a strip club anchored at CVS Pharmacy, just blocks from Mountainside Hospital and downtown Montclair. It is also easily accessible from Interstate 280, the Garden State Parkway, and the Bay Street and Walnut Street train stations.