A six-acre former industrial site in Kearny will be redeveloped into multifamily property following its sale, according to East Rutherford-based Cushman & Wakefield.
The commercial real estate services firm represented the seller, a family estate, and procured the buyer, Russo Development.
Russo will redevelop the “Bat Factory” property at 60 Passaic Ave. as part of the second phase of it Vermella West project, C&W said.
“The Russo team performed flawlessly, putting forth an entrepreneurial approach to working with the seller in this transaction that closed without full development approvals in place,” Brian Whitmer of Cushman & Wakefield said.
Whitmer, along with investment sales specialists Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd headed the assignment for C&W.
“We are seeing a notable amount of institutional investment coming into Kearny, and we are pleased to be part of the Passaic Avenue corridor resurgence,” Shapiro said. “The redevelopment of the ‘Bat Factory’ property will further enhance the area’s growing reputation as a preferred live/play destination.”