**Morris County Flex Campus Trades to Private Investor for $12.75M**
CBRE has announced the $12.75 million sale of Pine Street Commons, a 17-acre mixed-use complex located at 31 Pine Street in Rockaway, New Jersey. The property was sold by Pine Street Commons LLC and acquired by a private investor.
The marketing campaign was led by Charles Berger of CBRE’s Investment Properties group, who, along with Jeffrey Babikian, also of CBRE, represented the seller and procured the buyer.
Pine Street Commons comprises six buildings that offer a mix of flexible industrial and warehouse facilities, as well as boutique office space. At the time of sale, the complex was nearly 95% occupied.
“This transaction closed in a very challenging environment for capital markets, which demonstrated the fortitude and flexibility of all parties involved,” said Berger.
CBRE worked closely with the seller to showcase the site’s multiple revenue-generating opportunities, including rental income, solar power potential, and future development possibilities. The new owner plans to hold the asset and may consider development of the remaining land in the future.
