60 Passaic Ave. in Kearny — Courtesy: Cushman & Wakefield
By Joshua Burd
Russo Development has completed its acquisition of a former industrial site in Kearny that will allow it to extend its multifamily pipeline in the town, brokers with Cushman & Wakefield said.
In a news release, C&W said it represented a family estate in the sale of the six-acre former baseball bat factory at 60 Passaic Ave., while also procuring Russo as the buyer. The developer is now moving forward with previously announced plans for a 268-unit apartment project, which will serve as the second phase of its Vermella West complex.
The project will also revitalize a property that sat vacant for more than three decades. Both parties are longtime C&W clients.
“The Russo team performed flawlessly, putting forth an entrepreneurial approach to working with the seller in this transaction that closed without full development approvals in place,” said C&W Brian Whitmer, who headed the assignment with fellow investment sales specialists Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd.
The trade marks C&W’s second sale of a property in the Hudson County town in recent months. Earlier this year, the team brokered the trade of a nearby BJ’s-anchored retail center, contributing to what the brokers say is part of a growing trend of revitalization.
“We are seeing a notable amount of institutional investment coming into Kearny, and we are pleased to be part of the Passaic Avenue corridor resurgence,” Shapiro said. “The redevelopment of the Bat Factory property will further enhance the area’s growing reputation as a preferred live/play destination.”
