Boston’s Long Point RE Partners Buys Morris County Industrial/Flex Building

PARSIPPANY, NJ—Bicycle maker Kent International has sold its manufacturing facility at 60 E. Halsey Road here to Boston-based Long Point Realty Partners.

The transaction, reported by NAI James E. Hanson, marks Long Point Realty Partners second acquisition in the Garden State. Earlier this year, the Longpoint Fund I acquired the Roswell Distribution Center, a two industrial building complex totaling 252,031 square feet in Roswell, GA.

NAI James E. Hanson’s Barry J. Cohorsky, SIOR, and LJ Koch represented Kent International in the Parsippany transaction. Long Point Realty Partners was represented by Transwestern’s Rick Rizzuto and Tim Patterson. No financial terms of the deal were released.

“The Morris County industrial submarket, although smaller than surrounding markets, continues to be in high demand from investors and users searching for well-located opportunities in the current stage of the market,” says NAI James E. Hanson’s Cohorsky. “With asking leasing rates seeing a steady increase, now well over $8-per-square-foot and higher in some buildings, we are experiencing an all-time low in vacancy and there is a great demand, presenting a favorable environment for sellers.”

Kent International, a leading manufacturer and distributor of bicycles with a sales footprint spanning 20 countries, is planning on relocating its manufacturing operations and has engaged NAI James E. Hanson in securing new space.

Arnold Kamler, CEO of Kent International, states.  “We’ve worked with several brokers over the past three years and consistently were promised high returns but they all failed. However, through the work of Barry and LJ, using creative sales techniques helped establish a positive market and we reached a more than satisfactory deal with a buyer.”

In a market with a constrained supply of industrial product and strong demand, 60 E. Halsey Road represented a rare industrial/flex acquisition opportunity, NAI James E. Hanson states. The five-acre property features 12,000 square feet of office space, seven 8’x9’ loading docks and ceiling heights ranging from 15’6”-25.’ The building, which is suited for a variety of uses, is situated directly off Exit 40 on Interstate 287 and provides access to Interstates 78 and 80 and offers toll-free access to Port Newark-Elizabeth.