Cushman & Wakefield announced Wednesday it has orchestrated the sale of a multitenant industrial asset in Rockaway.
Sholom Davidowits of Davco Group, a New York-based real estate investment firm, purchased the 10-acre, six-building complex at 114 Beach St. from The Silverman Group. This is Davco’s second industrial complex buy this year.
The 170,000-square-foot property is 99% leased to 17 tenants, which include light manufacturing, service and distribution companies.
“This property benefits from stable cash flow and a diverse rent roll of long-term occupants,” Andrew Schwartz, Cushman & Wakefield, said. “Demand for industrial product in Northern New Jersey is at historic highs, and this opportunity drew significant interest and multiple offers from the investment community, including private firms from New Jersey and New York.”
Schwartz represented the seller and procured the buyer along with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, all investment sales specialists, with assistance from Stephen Sander, industrial market specialist.
“Within this context, 114 Beach Street boasts historically strong occupancy – with an average occupancy of 97% over the past 10-plus years,” MacDonald said. “As both online retail sales and manufacturing are expected to trend higher, the New Jersey industrial market is poised to remain one of the healthiest markets in the nation. Northern New Jersey’s 635-million-square-foot inventory; proximity to New York City, The Port of New York/New Jersey and Newark Liberty International Airport; and concentrated highway infrastructure makes it a preferred location for companies that need quick access to the robust New York Metro area.”
114 Beach St. is located within close access to Interstate 80 and Route 46.