Totowa Commerce Center spans 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way, 1 and 2 Center Court and 999 Riverview Drive in Totowa. — Courtesy: Cushman & Wakefield
By Joshua Burd
Heritage Capital Group LLC has sold a nearly 507,000-square-foot industrial park near Interstate 80 in Totowa, brokers with Cushman & Wakefield announced Thursday.
According to a news release, Longpoint Partners paid an undisclosed sum for the 13-building portfolio known as the Totowa Commerce Center. The brokerage team noted that the park — which has 50 tenants across 12 divisible industrial buildings, one office building and a 5.8-acre development site — includes properties on Commerce Way, Center Court and Riverview Drive.
It also benefits from more than $2.8 million in recent renovations and hands-on management as well as its proximity to consumers, employees and business owners.
“Totowa Commerce Center represents a rare opportunity to acquire an infill industrial park of scale in northern New Jersey,” said Cushman’s Gary Gabriel, who was part of the team representing the seller and procuring the buyer. The group also included Kyle Schmidt, Ryan Larkin and Seth Zuidema.
The 506,723-square-foot portfolio includes 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way, 1 and 2 Center Court and 999 Riverview Drive. C&W added that the site has 92 loading positions, clear heights ranging from 21 to 23 feet and more than 1,400 total parking spaces throughout.
Tenants, meantime, are less than a mile from I-80 and have quick access to routes 46 and 23. The site is also less than five miles from Route 3 and the Garden State Parkway.
“The success of Totowa Commerce Center is illustrative of a highly efficient park that offers optionality to occupiers of all types and sizes,” Schmidt said. “Nothing comparable has been built in decades and Longpoint Partners will benefit from the park’s competitive advantages.”
Jeffrey Greenberg, principal of Ridgewood-based Heritage Capital Group, added: “We are very excited to close this transaction with great execution by the purchaser and the Cushman & Wakefield team. Totowa Commerce Center is a great park, and we know the purchaser will have further success under their ownership.”
