Totowa Commerce Center, a 506,723-square-foot, multitenant industrial park consisting of 13 buildings plus a 5.8-acre development site situated within the Fairfield/Passaic industrial market, has been sold to Longpoint Partners, according to a Thursday announcement from Cushman & Wakefield.
Details of the transaction were not disclosed.
Cushman & Wakefield’s Industrial Advisory Group, consisting of Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema, represented the seller, Heritage Capital Group LLC, and procured the buyer.
“Totowa Commerce Center represents a rare opportunity to acquire an infill industrial park of scale in northern New Jersey,” Gabriel said.
The park benefits from over $2.8 million in recent capital improvements and hands-on management, as well as its proximity to consumers, employees and business owners.
“The success of Totowa Commerce Center is illustrative of a highly efficient park that offers optionality to occupiers of all types and sizes. Nothing comparable has been built in decades, and Longpoint Partners will benefit from the park’s competitive advantages,” Schmidt said.
Jeffrey Greenberg, principal of Ridgewood-based Heritage Capital, added: “We are very excited to close this transaction with great execution by the purchaser and the Cushman & Wakefield team. Totowa Commerce Center is a great park, and we know the purchaser will have further success under their ownership.”
Located at 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way; 1 and 2 Center Court; and 999 Riverview Drive, the park contains over 50 tenants across 12 divisible industrial buildings, plus one office building and a 5.8-acre development site. The property boasts 92 loading positions, clear heights ranging from 21 to 23 feet and over 1,400 total parking spaces throughout.
The Totowa Commerce Center is located with immediate access to Interstate 80 and Routes 46 and 23 and is less than five miles to Route 3 and the Garden State Parkway.
