CushWake Sells Historic Paterson Industrial Complex
Cushman & Wakefield arranged the sale of the I-80 Industrial Complex, a seven-building, 331,000-square-foot industrial asset in Paterson, NJ.
A Cushman & Wakefield team of David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein represented the seller. Joseph Smouha of Mynt Properties LLC acquired the complex for an undisclosed sum.
“The I-80 Industrial Complex is a great investment opportunity,” said Bernhaut. “The property is ideally located in proximity to many of New Jersey’s main transportation arteries and is fully leased to tenants paying significantly below market rental rates.”
Originally built and operated by Wright Aeronautical at the turn of the twentieth century, the I-80 Industrial Complex was once known as the largest airplane engine manufacturing factory in the U.S. The complex is fully leased to 14 tenants that benefit from the buildings’ heavy floor loads, abundant power and large floor plates.