The Kislak Company, Inc. has successfully completed the sale of the Hopewell Valley Industrial Park in Pennington for $3,300,000. The transaction involved the 30,375-square-foot facility located at 1613 Reed Road in Mercer County.
Kislak Senior Vice President Daniel Lanni arranged the sale, representing the seller and procuring the undisclosed purchaser.
The industrial park, which was constructed in 1988, sits on 8.2 acres and consists of several single-story and one two-story warehouse structures. According to Kislak, the property had not traded hands in 30 years.
Lanni described the transaction as “special” due to the property’s long holding period and the complex nature of the deal. “It was a long transaction with several complexities. Yet we worked through every challenge and finally closed with an experienced purchaser who used it to complete a 1031 Exchange,” Lanni commented.
The facility is fully leased to long-term tenants offering diverse services, including landscaping, upholstering, motorcar and bus services, and an exercise studio. The buildings provide over 100 parking spaces.
A key feature attracting the new owner is the industrial park’s structure where tenants are responsible for their own repairs and utilities, offering a stable investment profile with an opportunity for future rent increases.
The property is strategically located just a few miles from major thoroughfares Route 1 and I-95. The area is zoned SI and is situated in a high-income residential area with an average household income of $152,448.
