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MORRIS PLAINS, NJ-A package of eight industrial properties has been sold by Olympic Industrial Park to a private investor, who was not identified. The assets, which total just under 255,000 sf of space, fetched $15 million. Vice presidents Mark Calabro and Richard Piken of Weichert Commercial Brokerage, based here, repped both the seller and the buyer in the transaction.

Seven of the buildings are located within Olympic Industrial Park, which straddles the Irvington/Maplewood border in Essex County, NJ. The largest of the assets is the 113,512-sf fully leased building located on 4.5 acres at 45 Camptown Rd. on the Irvington side of the border. The eighth building is a 19,000-sf structure located in Linden, NJ.

“In 2003, sales of commercial properties outpaced lease transactions in some segments of our market,” reports John Udell, president of Weichert Commercial. “This is an unusual scenario that can be attributed to confidence in real estate as an investment. In some instances, private investors have been competing with users to buy properties.

“Low interest rates combined with climbing commercial property values have prompted both users and investors to buy,” Udell says. “We anticipate the strong pace of building sales to continue in 2004.”

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