10 Polito Ave. in Lyndhurst — Courtesy: NAI James E. Hanson
By Joshua Burd
Forsgate Industrial Partners has acquired a former hotel property in Lyndhurst that figures to be a prime development parcel at the intersection of two major highways.
According to brokers with NAI James E. Hanson, which arranged the deal, the firm paid an undisclosed sum for the 4.6-acre property at 10 Polito Ave. The locally based developer is now weighing its options for the site at the nexus of routes 3 and 17, which provides quick access to the Garden State Parkway, the New Jersey Turnpike and other key corridors.
NAI Hanson’s Scott Perkins, Chris Todd and William Ericksen represented the buyer.
“Our deep roster of local contacts has always been at the heart of our ability to quickly close deals,” Todd said. “When we found out that 10 Polito Avenue could be made available for purchase, we quickly recognized it as a perfect opportunity for a visionary developer such as Forsgate Industrial Partners that possessed the foresight and long-term strategy to realize its unique potential.”
The site, most recently home to the Quality Inn Meadowlands, is just over a mile from Forsgate and Russo Development’s 718-acre, 3 million-square-foot Kingsland Meadowlands industrial development site.
“Identifying underutilized sites in premier locations with access to critical transportation networks has consistently allowed us to build high-quality buildings in high-quality locations over our long history,” said Jake Sutker, a director at Forsgate. “This acquisition exemplifies that approach, and we look forward to redeveloping the site to create long-term value for the community.”