Rockaway, NJ

CBRE Arranges $19.6 Million Sale of Industrial Complex at 25 Green Pond Road in Rockaway, NJ

New Ownership Taps CBRE as Exclusive Leasing Agent for Highly Sought-After Industrial Space

03 Feb 2022

25 Green Pond Road

CBRE today announced it has completed the sale of an industrial complex located at 25 Green Pond Road in Rockaway, NJ. After multiple competitive offers, the 121,038 sq. ft. property sold for $19.6 million. Subsequently, new ownership has appointed CBRE as the exclusive leasing agency at the property. 

The CBRE Investment Properties team of Charles Berger, Mark Silverman and Elli Klapper, in conjunction with Thomas Mallaney of CBRE’s Transaction and Advisory Services, spearheaded the marketing campaign and represented the seller in the negotiations, along with procuring the buyer. 
 
“We were able to maximize the value of the asset and achieve a near record-breaking price for the area for our client, while delivering a unique property with a potential value add component for the new ownership,” said Mr. Berger. “This sale is yet another example of the strength of the industrial market during the pandemic.”

25 Green Pond Road is situated on 13.7 acres in one of New Jersey’s premier industrial corridors. This single-story, flex building is fully air-conditioned and is directly off I-80. The property was converted to office use to house Party City in 106,000 sq. ft. of space but given current market dynamics and the insatiable need for quality industrial space, the new ownership will return the complex to warehouse/logistics use. 

CBRE’s Kevin Dudley and Thomas Mallaney will oversee leasing at the property. Additionally, the CBRE Debt & Structured Finance team of Jason Gaccione and Shawn Rosenthal secured attractive financing for the buyer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.