FLEMINGTON, NJ-K&K Developers Inc. has acquired a 325,000-sf industrial building in this Hunterdon County seat for an undisclosed sale price. The buyer is a subsidiary of Garden Commercial Properties, based in Short Hills, NJ, a firm that primarily owns and develops community shopping center properties and, through its Garden Homes subsidiary, multifamily residential properties.

K&K Developers was represented in the negotiations by Frank Truesdell, senior vice president in the Florham Park, NJ office of Trammell Crow Co. The seller, NAACO Materials Handling Corp., was represented jointly by David Knee of the Binswanger/Klatskin Co., Teterboro, NJ, and Mark Policarpo of the Binswanger organization’s Philadelphia office. Details of the transaction were not released.

“This transaction reflects the continued strength of the commercial and industrial markets in New Jersey,” according to Truesdell, an assessment that particularly applies to the industrial side of the equation, and to investment sales in the Garden State in particular.

“We are pleased to have met K&K’s acquisition needs in one of New Jersey’s fastest-growing areas,” Truesdell adds.

Located on a 44-acre site at 15 Junction Rd. near I78 and Route 31 in west central New Jersey, the building currently has 225,000 sf available for lease, according to Truesdell. Of that total amount of space on the market, about 75,000 sf is office space, and both short- and long-term leasing opportunities are said to be available at this time.

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