NAI James E. Hanson, a Teterboro-based commercial real estate firm, announced on Wednesday it has negotiated the sale of an industrial building in Totowa.
NAI Hanson’s Scott Perkins and Christopher Todd represented the seller, 922 Riverview Driver Associates, in the deal. McBride Corporate Real Estate represented the buyer, Innovative Cosmetic Concepts, a global manufacturer and distributor of high-quality cosmetics and personal care products.
Situated less than two miles from the intersection of routes 23 and 46, and Interstate 80, the 119,592-square-foot building located at 922 Riverview Drive offers 78,000 square feet of warehouse space, 17,000 square feet of office space and 24,000 square feet of temperature controlled space. The property also boasts 20- to 25-foot ceilings, three tailgates with the option to expand to seven, and 120 parking spots.
This marks the second location for Innovative Cosmetic Concepts, providing it with expanded distribution and warehousing capabilities.
“Despite COVID-19 and the broader economic slowdown, the northern New Jersey industrial market continues to be one of the most competitive in the nation,” Perkins said. “In such a robust and crowded market, it is important for sellers to select representation with a long track record of success in closing similar deals in the submarket. As seen in this transaction, our deep experience in this area coupled with our understanding of local economic conditions provides us with the tools to help our clients realize full value for their assets in any market conditions.”