Ewing, N.J. (December 14, 2021) – Fennelly announces it has negotiated the sale of a 48,000-square-foot industrial building located at 94 Stokes Avenue in Ewing, N.J. for $600,000.
Looking to retire and sell his property, the seller, Pat Napatano, tapped Jerry Fennelly of Fennelly who understood that Pat had been unsuccessful with previous representation. Reflective of Fennelly’s unmatched local market knowledge, Jerry and Matthew Fennelly were able to find and secure buyer in 24 hours and close the sale in just 35 days.
94 Stokes Avenue is a four-story 48,000-square-foot industrial building sitting in a highly accessible location nearby to Routes 1, 29, and 31. Built in 1940, this historic building started off as a propulsion laboratory for the US Navy during World War II. Today, the property features ample parking, 10-foot ceilings, two drive-ins and a loading dock, making it a desirable flex building well suited to house a diverse array of businesses as it has done so for the past 80 years. With only 50 percent of the building leased, Napatano tapped Fennelly’s services in hopes of closing on a sale before the year’s end due to possible changes in the 2022 tax code.
Highlighting the firm’s unmatched relationships and local market expertise in Mercer County, Fennelly was able to take on the business, identify a buyer in 24 hours, and bring the sales across the finish line in as little as 35 days. The Brooklyn-based buyer recognized the building’s strong potential to expand their wholesaling business, and agreed to purchase the building. Despite New Jersey’s arduous legal process in a market that grows increasingly difficult to navigate, the combination of Fennelly’s deep understanding of its Central NJ markets and their global resources enabled the seller to capitalize on untapped opportunities in record time and well ahead of their deadline.
“Due to the extreme demand for New Jersey warehouse space, the pricing velocity continuously fluctuates and deals often take months to come to a close as buyers fight each other for a few extra cents per square foot,” said Fennelly. “This deal speaks to our firm’s ability to get deals done quickly while still realizing the full value of the property for the seller. It is exciting to see this historic building begin its next chapter and to have helped my client accomplish their real estate goals ahead of schedule.”