NEW JERSEY—Chicago-based Griffin Capital has acquired 110 Algonquin Parkway in Hanover, N.J. for $13 million from Hartz Mountain Industries.
The Colliers International team of Jeffery Oram, executive managing director of Colliers International’s Investment Service Group, and Jonathan Ortiz, associate director, represented both the buyer and the seller in the transaction.
The property totals 114,265 sq. ft. of Class A industrial space and is currently leased to General Electric Aviation Systems through 2018.
“Hartz is always a reluctant seller – especially of a great asset with a solid tenant,” said Emanuel Stern, president and COO for Hartz Mountain Industries. “Colliers brought us an opportunity that lets Griffin enjoy the income stream and we can reallocate the capital to something more entrepreneurial.”