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Totowa Road sale one of few industrial deals.

A partnership formed by Prism Capital Partners, LLC and Centurion Realty has purchased 82 Totowa Road in Wayne from East Meadow Corporation, in one of the few industrial property trades to date this year in the opportunity-constrained northern New Jersey market, announced Cushman & Wakefield, Inc. in East Rutherford, N.J. The 138,000-square-foot, high-tech building has been fully occupied since its construction in 1979.

"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
Previous Article:Automaker selects CBRE as exclusive agent.
Next Article:GVA Williams completes 88,000 s/f transaction.

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