Truck center acquires $3.68M in adjacent land for expansion

A truck center in New Jersey recently acquired 3.4 acres of land bordering its current facility in order to expand its business in the area. 

H.K. Truck center purchased the lots at 10-30 Fanny Road for $3.68 million. The lots are adjacent to the company’s current building at the corner of Intervale Road and Fanny Road, near Route 202 in Parsippany, New Jersey. 

According to Parsippany Patch, the company will tear down the existing buildings on the acquired properties and redevelop the land into a modern truck repair facility compatible with its functions as a dealership for commercial truck parts, service, rentals, leasing, and sales. 

The current location is a 15,818 square foot maintenance facility. Buildings set for demolition on the purchased properties include a residential building and music shop. 

“With the limited supply of space available for redevelopment in Morris County and the surrounding area, we are thrilled to have helped our client secure fair market value while allowing a tenant to continue operating their business at the space,” said  Michael Walters, who represented the seller, HFC Holdings, in the negotiations.

“We look forward to continuing our work with our client, HFC Holdings, and wish H.K. Truck Center all the best going forward.”