Mixed-Use Rockaway Complex Sold for $12.75M

On Apr 7, 2025

CBRE today announced the $12.75 million sale of Pine Street Commons, a 17-acre park-like mixed-use complex located at 31 Pine Street in Rockaway. The complex, which consists of six buildings offering flex industrial and warehouse facilities with boutique office space, was acquired by a private investor.

Charles Berger of CBRE’s Investment Properties spearheaded the marketing campaign, and along with CBRE’s Jeffrey Babikian represented the seller Pine Street Commons LLC in the transaction. The team also procured the buyer.

“This transaction closed in a very challenging environment for capital markets, which demonstrated the fortitude and flexibility of all parties involved,” said Berger. “This deal is the second one we completed in Rockaway in the last couple of years, and the only flex transaction of this size closed in Rockaway over the last year. Our team is currently working on several other flex property transactions in Northern and Central New Jersey with industrial and office components.”

The CBRE team worked closely with ownership to highlight the many potential sources of revenue in the best light, including rental, solar and development potential. The new ownership will hold the asset with its excellent income stream at close to 95% occupancy and consider development options on available land at the property at a later date.

This is the second sale the CBRE Investment Properties group has completed in Morris County during the span of a few weeks, with the other being an 80,000 sq. ft. office property. Mr. Berger is currently working on several other office and flex space transactions in Northern and Central New Jersey and focuses on mid-market investment properties of all product types.

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