(To read more on the industrial market, click here.)

NEW PROVIDENCE, NJ-Chemetall Oakite Products Inc. has experienced double-digit growth over the past five years, doubling its revenues. But the specialty chemical company is downsizing its space, selling its 59,200-sf now-former headquarters in Berkeley Heights, NJ and leasing 36,704 sf at 675 Central Ave. here. According to Gregory Poff, the company’s vice president, Chemetall Oakite has “optimized and modernized” its operations and needs less space than it once did.

“We feel that we have been able to maximize the benefits in these transactions to have a positive influence on our business,” Poff says. Both the sale and the lease were orchestrated by Steven L. Fleming, SVP, James J. Medenbach, SVP, Shawn Straka, vice president and Francisco J. Cotilla, SVP of the Staubach Co., Murray Hill, NJ. Oakite’s 59,200-sf flex building at 50 Valley Rd. in Berkeley Heights was sold to Connell Realty, also of Berkeley Heights, for an undisclosed price. The building contains office, research and wet lab space.

With its lease at 675 Central Ave. here, Oakite will occupy approximately half of the Hampshire Cos.-owned, 73,000-sf building. Hampshire bought the asset, which sits on a 6.6-acre site, in late 2004 for $6 million. Acquired on behalf of the company-managed Hampshire Partners Fund VI, the building was fully occupied as a regional office for Fishbach & Moore, an electrical contractor, which has since vacated the premises. Chemetall Oakite, owned by the Germany-based Chemetall GmbH, expects to move into its new headquarters once interior construction is completed in late 2006.

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