C&W arranges sale of, and financing for 192K sq. ft. industrial portfolio in Paterson 

A 192,000-square-foot industrial portfolio located at 75 Wood St. and 90 6th Ave. in Paterson has been sold to Eagle Cliff Real Estate Partners, according to a Thursday announcement from Cushman & Wakefield, which arranged the sale. The industrial park consists of two buildings and a one-acre outdoor storage lot in the heart of the Interstate 80 corridor. The portfolio is currently 100% leased to four tenants, with a remaining weighted average lease term of less than three years.

Cushman & Wakefield also served as the exclusive adviser to Eagle Cliff in the procurement of $22.5 million in financing for the acquisition of the portfolio as well as future capital improvement and leasing costs. The loan was provided by GID Credit.

Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin, Seth Zuidema and Bill Baunach represented the seller, Marcus Partners, in the transaction, while a Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein represented Eagle Cliff Real Estate Partners in the financing.

“I-80 Infill Industrial Park is located in one of northern New Jersey’s most supply-constrained markets,” Schmidt said. “Numerous investors were drawn to the near-term opportunity to more than double the (net operating income) within five years due to the below market in-place rents, with Eagle Cliff ultimately being able to add the well-located and highly functional park to its portfolio.”

Alascio added, “This industrial park’s infill location provides connectivity to 12 million consumers within an hour drive and a deep surrounding labor pool, making it a compelling opportunity for lenders.”

75 Wood St. is 102,000 square feet, while 90 6th Ave. is 90,000 square feet. The portfolio features 26 dock-high doors, four drive-in doors, 22-foot clear heights, 64 car parking spaces and excess blacktop trailer parking.

Located less than two miles from Interstate 80, northern New Jersey’s major east/west corridor, and minutes from Routes 46, 3, 21, 23, 17 and 208, the portfolio offers robust regional access. The property is also in proximity to Interstate 95, the Hawthorne New Jersey Transit rail station, multiple NJ Transit bus stops, New York City via the Lincoln Tunnel, the Port of New York and New Jersey and Newark Liberty International Airport.