Peykar Family Properties has begun tearing down the vacant, 360,000-square-foot office building at 150 Totowa Road in Wayne, NJ. They plan to build a new warehouse complex.

“This is the first significant spec warehouse development in Wayne in a long time,” said Stan Danzig, vice chairman of Cushman & Wakefield, which will market the new industrial space.

Peykar plans to build 418,500 square feet of new warehouse space, plus an additional 41,072 square feet of mezzanine office space, for a total of more than 459,000 square feet on the 32-acre site.

“Peykar Family Properties hopes to capture the very active ecommerce market, which accounts for almost half of the new spec product being built,” Danzig said. “It will be priced competitively in the marketplace.”

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