New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Stabilized North Jersey Industrial Sells to LLC
Marcus & Millichap has arranged the sale of 1 Paul Kohner Place, a 117,000-square-foot industrial property on 5.43 acres in Elmwood Park, NJ. The property, occupied by The Paige Company, sold for $10,950,000 at a 6% capitalization rate.
Donovan Mackey, Mark Taylor, Dave Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap’s Philadelphia office marketed the North Jersey property on behalf of the seller, a limited liability company. The team also procured the buyer, also an LLC.
“The scarcity of quality industrial listings has led to a buyer frenzy for stabilized assets like The Paige Company’s, and our client ultimately chose the winning bidder due not only to the strong price we achieved for them but also our client’s belief in the strength of the buyer and the favorable terms of the transaction.” said Mackey. He cited the buyer’s recognition of “the irreplaceable real estate fundamentals of this asset.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
