MT. OLIVE, NJ-Mount Olive Industrial Realty, based in Budd Lake, NJ, has acquired the 177,142-sf flex building at 850 Clark Dr. It is within the New Jersey FTZ at the International Trade Center here.
The sale price and other terms were not released of a transaction in which seller SKC Powertech will lease back 43,760 sf. The battery manufacturing company is based on the location. The new owner is putting the rest of the space, nearly 133,400 sf, on the market for lease.
The buyer was represented by a team from Trammell Crow Co.'s Florham Park, NJ office. Involved in the deal were TCC senior vice president Leo Paytas, vice present Mitchell Katz and senior associate Neal Heinze. SKC was represented by Tom Mallaney of CB Richard Ellis, Saddle Brook, NJ.
"This was a complex transaction," Paytas says. "But with the cooperation of all parties we were able to complete a deal that meets the needs of both buyer and seller." TCC's property management group will also take over management of the building, adding to the other 4.8 million feet in 20 buildings the company manages in New Jersey, including eight other buildings at the ITC.
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