The Hampshire Companies announces the sale of 16 Law Drive, a 71,048-square-foot industrial building in Fairfield, N.J. to MOP Realty LLC c/o JEEN International.
Located on 6.44 acres directly off Route 46, 16 Law Drive features 65,893 square feet of warehouse space and 5,155 square feet of office space. Additionally, the building offers 16’2” clear ceiling heights, two loading docks, two drive-in doors, 102 parking spaces and new lighting.
Operating for over 20 years, JEEN International is a technical marketer and manufacturer of cosmetic ingredients for cosmetics and personal care markets. They are a valued supplier to over 3,200 current customers throughout the world and their ingredients can be found in the products of 90 percent of the top multinational and global cosmetics and personal care brands. Continued strong growth at the company necessitated the addition of a second warehousing and office space to join their existing headquarters at 24 Madison Road in Fairfield, N.J.
JEEN International recognized that 16 Law Drive provided the ideal opportunity to meet their current space needs while offering substantial opportunities to renovate the property to suit their long-term space needs. Providing the regional accessibility that today’ industrial users require, 16 Law Drive provides easy access to the New York City Metro area’s extensive transportation network including Interstates 80, 280 and 287. Additionally, the location enables JEEN International to leverage and attract the strong local labor market to support its growth.
“We recognized that the continued tightening of the northern New Jersey industrial supply and elevated demand for quality, well-located spaces made now the right time to market this property for sale,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “The building’s high level of flexibility and adaptability along with its ideal location in one of the state’s most appealing submarkets made the asset highly attractive and aligned well with the demands of industrial owner-operators. Each of these factors played a significant role in our ability to sell the asset and generate an attractive yield for our investors.”
Chad Hillyer and Jenna Imperatore of Jones Lang LaSalle represented The Hampshire Companies in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
Contact
Dan Johnson
R&J Strategic Communications
908-895-0785
djohnson@randjsc.com