Fennelly Associates announces it has negotiated the sale of a 22,000-square-foot mixed-use building on 9 acres located at 103 Dunns Mill Road in Bordentown, N.J. for $4.13M. Jerry Fennelly, SIOR, President and Matt Fennelly of Fennelly Associates, Inc. represented the seller, The Scottish Rite, in the transaction with the buyer, Tosh Wolfe, CIA, CPA.
Originally constructed in 2010 as the home of the New Jersey chapter of The Scottish Rite, declining membership forced the national fraternal organization to place the property on the market. Leveraging the property’s GC-1 approved zoning, Wolfe intends to redevelop the property into a 182,000-square-foot warehouse facility to address the growing demand for industrial space in the central New Jersey market. The new ownership plans to break ground on the project later this year.
“Buildings designed around a specific use like 103 Dunns Mill Road are often difficult to sell in today’s market,” said Fennelly. “For this assignment, we leveraged our extensive network to connect our client with a buyer interested in finding a second life for the property. We are happy to have helped our client trade their asset and we want to wish Tosh the best of luck as he begins the redevelopment process.”
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