Cosmetic Maker Acquires 71K SF Fairfield Industrial from Hampshire
16 Law Drive provided the ideal opportunity to meet JEEN International's current space needs while offering substantial opportunities to renovate the property to suit long-term requirements.
FAIRFIELD, NJ—JEEN International has acquired 16 Law Drive, a 71,048-square-foot industrial building in Fairfield, NJ, from The Hampshire Companies.
Operating for more than 20 years, JEEN International is a technical marketer and manufacturer of cosmetic ingredients for cosmetics and personal care markets. Continued strong growth at the company made it necessary to expand to a second warehouse and office space beyond its existing headquarters at 24 Madison Road in Fairfield, NJ. JEEN recognized that 16 Law Drive provided the ideal opportunity to meet its current space needs while offering substantial opportunities to renovate the property to suit long-term requirements.
“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,” says 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.”
Located on 6.44 acres directly off Route 46, 16 Law Drive is near Interstates 80, 280 and 287. The property has 65,893 square feet of warehouse space and 5,155 square feet of office space. The building also offers 16-foot 2-inch clear ceiling heights, two loading docks, two drive-in doors, 102 parking spaces and new lighting.
Chad Hillyer and Jenna Imperatore of Jones Lang LaSalle represented The Hampshire Companies in the transaction.