Kislak sells Hopewell Valley Industrial Park in Pennington, NJ for $3.3 Million

S.V.P. Daniel Lanni arranges sale of 30,375 s/f in Mercer County

Pennington, NJ — The Kislak Company, Inc. announced the recent of a sale of Hopewell Valley Industrial Park, a 30,375 s/f facility at 1613 Reed Rd. in Pennington, Mercer County, for $3.3 million.

Kislak marketed the property with senior vice president Daniel Lanni handling the assignment on behalf of the seller and he also procured the purchaser. The parties were not disclosed.

Lanni said, “This was a special transaction because the property had not traded in 30 years, and 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.”

Constructed in 1988, the industrial park sits on 8.2 acres and consists of several single-story and one two-story warehouses. Leased by long term tenants whose services range from landscaping, upholstering, motorcar and bus services to an exercise studio, the buildings have over 100 parking spaces. Tenants pay for their own repairs and utilities, a feature attractive to the new owner who also has the opportunity to increase rents.

Zoned SI, the property is located in a residential area where the average household income is $152,448 and is situated only a few miles from Route 1 and I-95. Local transportation via bus and commuter rail is within a 10 to 20 minute drive from the property.

Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.