CRANFORD, NJ-The Ashley Business Park here has been sold by a court appointed receiver to a group of three tenants at the complex for $8.2 million.
HFF of Florham Park, NJ, reports the sale of the 259,670-sf light industrial complex. HFF marketed the property on behalf of the court appointed rent receiver, Onyx Equities, LLC.
The company states that Cranford Business Park, LLC, a partnership of three major tenants at the property, purchased the asset.
The property at 570 South Ave. was renovated in 2000 and is 88% leased. It is comprised of 187,881 sf of industrial space and 71,289 sf of office space.
Michael Nachamkin, managing director, led the HFF investment sales team that represented the seller.
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