The pharma giant had the property on the market for $11.5 million, but has dropped its number by a half-million and has brought in Jones Lang LaSalle, which has been expanding its New Jersey presence, to sell the building. Located at 131 Docks Corner Rd. in the New Jersey Turnpike Exit 8A industrial corridor, the building had been used by Glaxo to ship such dental products as Sensodyne and Polident.
"It is the only existing facility for sale in the area that is served by an active rail line and has enough land to accommodate both extensive trailer parking and future building expansion," according to David Nenner, JLL's VP of corporate services and a specialist in industrial sales and leases. "Its design and layout are suitable for both light manufacturing and warehouse/distribution operations."
"The entire industrial market here has grown exponentially in the last few years from a sector formerly comprised of individual family-owned parcels to dominance by institutional investors, primarily REITs with massive multi-site, multi-state operations," adds JLL managing director Ken Siegel. "Our presence in the important New Jersey market is poised for growth, and we believe our timing for expanding in the market couldn't be better.
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