Cushman & Wakefield announced that it has arranged the sale of the Route 3 Industrial Park, a two-building, 97,145-square-foot industrial property on 4.5 acres located at 31 and 35 Styertowne Road in Clifton.
It is a fully leased, multitenant property situated in a prime infill location. It features ideal accessibility, located just off Route 3 and minutes from major thoroughfares including the New Jersey Turnpike/I-95, I-80 and Routes 46 and 21. This provides direct connectivity to the greater New York metropolitan area, the Port of NY/NJ and a consumer base of over 21 million people within a 90-minute drive.
Additionally, the property offers versatile suite sizes that cater to the strong demand from local and regional industrial users.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Longpoint Partners, in the transaction. The property was acquired by The Silverman Group, which has its corporate office in Basking Ridge.
“This transaction underscores the strength of investor appetite for well-located industrial assets in core Northern New Jersey,” said Gabriel, vice chairman for Cushman & Wakefield. “Route 3 Industrial Park offers immediate connectivity, stable tenancy and long-term upside, making it a standout opportunity in a supply-constrained market.”
“The acquisition of this portfolio represents the continued growth of our industrial platform and increased appetite for shallow bay value-add product,” said Blake Silverman, president at The Silverman Group. “We continue to look for valued opportunities in this area, and we are excited to work with the Cushman & Wakefield team on this opportunity.”
