Totowa Road sale one of few industrial deals.
"The timing was ideal for the building's private owner to maximize its ROI," said David Bernhaut of Cushman & Wakefield's Metropolitan Area Capital Markets Group. "With so little quality industrial space on the market, the buyer approached us preemptively, looking for a stable asset with long-term security in which to invest. It was a win-win situation all around."
Bernhaut orchestrated the $15 million sale with Metropolitan Area Capital Markets Group team members Andrew Merin, Gary Gabriel and Jose Cruz; as well as leasing and sales brokers Andrew Schiffer and James Yamauchi.
"The New Jersey industrial market has been a consistent performer, and the Passaic County submarket is recognized as a strong distribution location, favorably situated near major transportation corridors and proximate to Port Newark, Port Elizabeth and Newark Airport," Schiffer said. "Within this context, 82 Totowa Road is a well-maintained, headquarters-quality property with unique amenities and features highly sought after by warehouse/ distribution users. It is a terrific portfolio asset."
The building includes 50,000 square feet of office space plus a fully sprinklered, easily divisible warehouse with 22' clear ceiling heights, 40' by 40' columns, six dock doors and two tail board loading areas. Outside, the 12-acre property offers abundant parking for cars and trucks; and landscaping features such as a pond with fountains, a foot bridge and seating areas. The property is undergoing significant upgrades.
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|Title Annotation:||NEW JERSEY|
|Comment:||Totowa Road sale one of few industrial deals.(NEW JERSEY)|
|Publication:||Real Estate Weekly|
|Date:||Sep 19, 2007|
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