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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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