Mack-Cali Realty Corp. sold the Totowa Commerce Center in Passaic County for $65.5 million.
Heritage Capital Group bought the 13-building flex/industrial park totaling 508,028 square feet.
Cushman & Wakefield Inc. was the exclusive adviser on the sale, also arranging $51.75 million in acquisition financing for Heritage. Natixis Real Estate Capital provided the 10-year, fixed-rate financing.
The property is home to nearly 48 tenants from various industries. It also has a 5.8-acre parcel allowing for future development.
It is in a densely populated infill location positioned just 20 miles west of New York City. The park, built in various stages throughout the late 1980s and 1990s, offers “last mile” access at affordable rents to tenants in need of functional office and warehouse space.
The Cushman & Wakefield Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt represented the seller, and got the buyer.
“The offering of this distinctive infill property drew significant interest,” Gabriel said. “Heritage Capital Group, exercising a 1031 Exchange, moved quickly and performed seamlessly for an outcome satisfactory to both parties.”
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Andre Hass represented Heritage Capital Group in the transaction
“The property is a highly functional, well-occupied, versatile flex/industrial park with excellent access, which checked all the boxes for lenders,” said Alascio, executive director of Cushman & Wakefield Equity, Debt & Structured Finance.
“The property features diverse tenancy with no real concentrated roll,” Vankayala said.
