90 6th Ave. (foreground) and 75 Wood St. in Paterson — Courtesy: Cushman & Wakefield
By Joshua Burd
Marcus Partners has sold a fully leased, 192,000-square-foot industrial portfolio in Paterson, in a deal arranged by Cushman & Wakefield.
According to the brokerage team, the properties include buildings at 75 Wood St. and 90 6th Ave. and a one-acre outdoor storage lot less than two miles from Interstate 80. Eagle Cliff Real Estate Partners purchased the assets while securing $22.5 million in financing for the acquisition and future capital improvement and leasing costs.
Cushman’s Gary Gabriel, Kyle Schmidt, Ryan Larkin, Seth Zuidema and Bill Baunach represented the seller, while the firm’s John Alascio, Chuck Kohaut, TJ Sullivan and Jason Blankfein represented the buyer in sourcing the loan with GID Credit.
“I-80 Infill Industrial Park is located in one of northern New Jersey’s most supply-constrained markets,” Schmidt said. “Numerous investors were drawn to the near-term opportunity to more than double the NOI within five years due to the below market in-place rents, with Eagle Cliff ultimately being able to add the well-located and highly functional park to its portfolio.”
In a news release, C&W noted that 75 Wood St. is 102,000 square feet, while 90 6th Ave. is 90,000 square feet. The portfolio has 26 dock-high doors, four drive-in doors, 22-foot clear ceiling heights, 64 car parking spaces and excess blacktop trailer parking.
The portfolio is leased to four tenants, with a remaining weighted average lease term of less than three years, the news release said. Those users are minutes from routes 46, 3, 21, 23, 17 and 208, providing access to NJ Transit’s Hawthorne station, multiple bus stops, the Lincoln Tunnel and other destinations.
“This industrial park’s infill location provides connectivity to 12 million consumers within an hour drive and a deep surrounding labor pool, making it a compelling opportunity for lenders,” Alascio said.
