A historic, seven-building industrial asset in Paterson has sold, according to real estate firm Cushman & Wakefield.
The I-80 Industrial Complex, which totals 331,000 square feet, was once operated by Wright Aeronautical as the largest airplane engine manufacturing factory in the U.S., C&W said in a news release. Today, the property is fully leased to 14 tenants.
The team of David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein represented the undisclosed seller in the transaction. Joseph Smouha of Mynt Properties LLC was the buyer.
“The I-80 Industrial Complex is a great investment opportunity,” Bernhaut said in a prepared statement. “The property is ideally located in proximity to many of New Jersey’s main transportation arteries and is fully leased to tenants paying significantly below-market rental rates. The I-80 Industrial Complex is further bolstered by strong market fundamentals driven by a thriving e-commerce and logistics sector. The combination of all of these factors makes it an outstanding investment for new ownership.”
The buildings include:
- 239-241 Lindbergh Place;
- 122-128 Beckwith Ave.;
- 128-140 Beckwith Ave.
