CBRE has announced the completion of the $9.25 million sale of 5 Vreeland Road, a 50,600-square-foot multi-use office and warehouse facility in Florham Park. The property, formerly home to Tropar Trophy, was acquired by Faropoint from the Ilaria Family Trust.
The CBRE team, consisting of Tom Mallaney, Elli Klapper, and Denise Kokulak, was hired by the Ilaria Family Trust to sell the asset and also procured the buyer.
According to Mallaney, the property presented a “unique opportunity” for an industrial user or investor due to its well-maintained condition and location in eastern Morris County. The deal was completed in just seven months, a testament to the “very positive responses” from the market.
Faropoint, a real estate investment firm specializing in “last mile” industrial properties, has engaged CBRE as the exclusive leasing agent for the building. The new ownership is currently upgrading the facility and expects to have space available for lease in early September. The property’s location offers convenient access to major transportation options, including NJ Transit, Newark Liberty Airport, and the Maher Terminal Port.
The building was constructed in 1976 and was occupied for decades by Tropar Manufacturing Corp., a company known for its high-quality recognition awards. Tropar was sold to JDS Corp. in September 2024.
