A Boston-based real estate firm has made its first industrial investment in New Jersey, buying two properties in Paterson, it announced Monday.
Marcus Partners bought 75 Wood Road and 90 6th Ave. in the city, which total 194,000 square feet and are 100% leased to four companies.
“This investment provides an attractive mix of current cash flow with value-add opportunities through property enhancements,” Bill McAvoy, principal, said in a prepared statement. “As we aggressively seek new investments along the East Coast, this is a great start for us in New Jersey.”
Marcus said this purchase represents the intended start of a New Jersey portfolio of Class A and Class B industrial assets, including existing and ground-up development.
Gregg Kelman of GK Realty handled the transaction.