NEW JERSEY—Cranford Business Park LLC, a partnership of three major tenants at Ashley Business Park in Cranford, N.J., has purchased the light industrial complex for $8.2 million.
HFF marketed the property on behalf of the court appointed rent receiver, Onyx Equities LLC. The HFF investment sales team representing the seller was led my managing director Michael Nachamkin.
Located at 570 South Ave. Ashley Business Park is comprised of 259,670 sq. ft. of space and is in close proximity to the Garden State Parkway and Newark Liberty International Airport. Renovated in 2000, property is currently 88 percent leased and includes 187,881 sq. ft. of industrial space and 71,289 sq. ft. of office space.