Fennelly announces it has negotiated the $5.6 million sale of a four-building, 75,097-square-foot industrial complex at 292 3rd Street in Trenton, N.J. Fennelly’s Jerry Fennelly, SIOR, and Matthew Fennelly represented the seller, Mary & Thomas Realty, LLC, in the transaction with Third Street Trenton, LLC.
292 3rd Street previously served as a regional Budweiser distribution facility and is comprised of four single-story buildings on a total of 5.14-acres in the heart of Trenton. The focal point of the property is Building 3, the largest of the four buildings standing at 44,500 square feet. The space is fully refrigerated and boasts 32’ clear ceilings making it ideal for a wide range of cold storage warehousing and distribution usages. In addition to the refrigerated space, Building 1 provides 12,557 square feet of warehouse space with 30’ clear ceilings, Building 2 features 14,540 square feet of office space and Building 4 serves as a 3,500-square-foot truck repair building.
The property is favorably located in an Urban Enterprise Zone (UEZ) and a Qualified Opportunity Zone (QOZ) and also provides access to a wide range of additional incentive programs. The UEZ program provides a credit against the entire net income component of the corporation business (income) tax to corporations actively conducting business from a location within a designated enterprise zone, for certain new, full-time, permanent employees. QOZs are designed to spur economic development by providing tax incentives for investors who invest new capital in businesses operating in one or more QOZs.
“Trenton’s location at the gateway to the Philadelphia and New York City markets and the highly favorable incentive packages available to business operating within it continues to make it stand out in New Jersey’s tight real estate market,” said Jerry Fennelly, SIOR. “By leveraging our expertise, we were able to navigate a highly competitive market to secure a premium value for this one-of-a-kind property.”