Weiss Realty Acquires Fairfield Business Center from Denholtz for $30M

FAIRFIELD, NJ—Weiss Realty has acquired Fairfield Business Center, a 16.8-acre, seven-building industrial/flex complex totaling 336,220 square feet in Fairfield, NJ, from Denholtz Associates for $30 million.

“As owners of the Fairfield Business Center since 1999, we recognized that today’s strong demand for industrial space in the Suburban Essex submarket and high occupancy at the portfolio made this an ideal time to sell this asset to deliver substantial returns back to our investors,” says Stephen Cassidy, president of Denholtz Associates.

Cushman & Wakefield’s NJ investment team members Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler represented Denholtz Associates and procured the buyer.

“The e-commerce boom continues to fuel demand for warehousing and flex space,” says Bernhaut, executive vice chairman of Cushman & Wakefield. “To ensure easy access to the massive consumer market around the New York metro area and the inland distribution markets, logistics and last-mile delivery companies are leasing an increasing amount of industrial and flex space in the Northern New Jersey industrial market.”

Fairfield Business Center was 88-percent leased to 61 tenants at the time of sale. It is located immediately off Route 46 in the suburban Essex industrial submarket, within minutes of major roadways, such as I-80, I-280 and Route 23. The submarket contains 16.5 million square feet of industrial inventory, with access to a deep and diverse work force, and is close to both executive and workforce housing.

“This sale generated significant investor interest,” says Schmidt. “The property’s appeal was enhanced by the presence of multiple buildings that can be divided for smaller users, and by the highway frontage that has attracted commercial users such as a sports equipment retailer, rock-climbing, Crossfit and medical tenants, etc.”