2-62 Wood St. in Paterson — Courtesy: Team Resources Inc.
By Joshua Burd
An electrical contractor is expanding into New Jersey with its purchase of a Paterson industrial building, under a $7.8 million deal arranged by Team Resources Inc.
The brokerage announced this week that Horsepower Electric LLC has acquired 2-62 Wood St., a 101,000-square-foot property near the Passaic River. Currently based in Brooklyn, the company will use the space to grow its manufacturing and prefabrication business for electrical panels and other installments.
Team Resources’ Jason Levy and Jeffrey Fulton represented Horsepower Electric, noting that the company was approved for a tax credit incentive under the state’s Grow New Jersey program. Yehuda Deutsch of Greiner Maltz represented the seller.
“The building location also provides Horsepower Electric convenient access to major highways making it easy to serve their tristate area customer base,” Levy said.
The deal comes a month after the state Economic Development Authority approved a 10-year, $3.5 million tax credit package for the company, which said it would relocate its manufacturing operations from Brooklyn. The move would bring 25 jobs to Paterson, one of five Garden State Growth Zones that are eligible for richer incentives under the program.
Horsepower Electric had considered a competing location in Allenton, Pennsylvania, according to the EDA. Its move to New Jersey will have an estimated net benefit to the state of $1.8 million over 20 years.
According to Team Resources, 2-62 Wood St. is a single-story, multitenant property on 3.18 acres, with eight loading docks, two drive-ins and ceiling heights from 17 to 19 feet.