A three-building business park in Woodland Park was sold for $10.2 million, according to real estate firm Cushman & Wakefield.
Lackawanna Business Park, which totals 140,548 square feet at 86 Lackawanna Ave., sold for more than $72 per square foot, the firm said in a news release.
A team of Andrew Schwartz, David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso and Jordan Sobel represented the seller, Lackawanna Associates LLC, and procured the buyer, Lackawanna Woodland LLC.
“Lackawanna Business Park has been owned by the same family partnership for more than 30 years, and has been historically exceptionally well-leased, with an average occupancy of 95.3% over the past 10 years,” Schwartz said in a prepared statement.
The property is currently home to 40 tenants, with the largest one using only 9% of the rentable space, C&W said.