700 Union Blvd. in Totowa — Courtesy: HFF
By Joshua Burd
The Hampshire Cos. has sold a newly delivered industrial complex in Totowa for $51 million, brokers with HFF announced Tuesday, following a project that called for retrofitting and expanding a former life sciences building off Route 46.
The capital markets firm said it represented Hampshire in the sale of 700 Union Blvd., which totals 382,596 square feet. The brokers did not disclose the buyer of the single-story property, but said they had marketed it alongside a six-building, 1.2 million-square-foot industrial portfolio in Middlesex, Bergen and Essex counties that sold last year for $146.85 million.
The HFF team included Executive Managing Director Joe B. Thornton Jr., senior managing directors Jon Mikula and Jose Cruz and directors Marc Duval and Jordan Avanzato.
“We continue to see investor interest in high quality and well-located industrial assets throughout the state,” Cruz said. “This closing completes the acquisition of the portfolio.”
The sale comes two and a half years after Hampshire, which is based in Morristown, acquired 700 Union Blvd. for $20 million. The 26-acre property is a former manufacturing facility for P.F. Laboratories Inc., which the developer has expanded by more than 137,000 square feet.
Now known as the Totowa Logistics Center, the property sits on 26 acres and offers new warehouse and distribution space off Interstate 80 and less than 13 miles from the New Jersey Turnpike.