Cushman & Wakefield arranged the sale of the Interstate 80 Shallow Bay Portfolio, a two-building industrial/flex portfolio, for $22.025 million.
A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Andy Schwartz, Jordan Sobel and Andre Balthazard represented the seller, Woodmont Properties, and procured the buyer, Western Building Co.
“The I-80 Shallow Bay Industrial Portfolio offered the rare opportunity to acquire durable cash flow and benefit from the ever-growing industrial/flex markets,” Gabriel said. “These properties are well-located in highly desirable submarkets with great access to I-80.”
Located at 210 Fairfield Road in Fairfield and 1705 Route 46 in Ledgewood, the portfolio totals 92,486 square feet and is 100% leased to six tenants. 210 Fairfield Road is a 28,800-square-foot property that has been fully occupied by security and risk company GardaWorld. 1705 Route 46 is a 63,686-square-foot building that is fully leased to a diverse tenant roster, with anchor tenants including Imprimis Pharmaceuticals and Cintas.
The properties are situated in the highly sought-after Fairfield and Morris County submarkets of New Jersey with momentary access to Interstate 80.