A 98,000-square-foot, two-building Passaic County warehouse property has traded in an off-market sale brokered by Lee & Associates New Jersey, according to a Thursday announcement from the brokerage.
Longpoint Realty Partners L.P. acquired 31-35 Styertowne Road in Clifton from Kessler-Schwartz Associates; the new ownership then appointed Lee & Associates as exclusive leasing agent for the asset.
Lee & Associates’ Josh Krantz, senior vice president, represented the seller and procured the buyer in the transaction; he maintains longstanding relationships with both parties.
31-35 Styertowne Road was a legacy property for the seller, a multigeneration, multifamily ownership entity.
“The current climate for industrial investment makes this an advantageous time to divest,” Krantz said. “Similarly, active players in the market today are seeking any and all well-located product in northern New Jersey’s tight infill submarkets. The 31-35 Styertowne Road transaction provides a great illustration of both perspectives.”
The multitenant property sits on 3.5 acres just off Route 3, 12 miles west of Manhattan. It is proximate to the Garden State Parkway and Route 21, and easily accessible to other regional thoroughfares. Heavy power, multiple loading docks, drive-in doors and ample parking also contribute to its appeal and historic high occupancy. Planned updates include LED lighting and window replacements.
Commensurate with the sale, Longpoint Realty Partners retained Lee & Associates to market a 28,700 square-foot availability that came online this spring at 31 Styertowne Road. Krantz, Michael Schaible, partner, and Troy Wisse, assistant vice president, are leading the assignment.