The I-80 Industrial Complex in Paterson spans 239-241 Lindbergh Place, 122-128 Beckwith Ave. and 128-140 Beckwith Ave. — Courtesy: Cushman & Wakefield
By Joshua Burd
An investor has acquired a historic seven-building, 331,000-square-foot industrial complex in Paterson, in a newly announced transaction by Cushman & Wakefield.
The buyer, Joseph Smouha of Mynt Properties LLC, paid an undisclosed sum for the properties at 239-241 Lindbergh Place, 122-128 Beckwith Ave. and 128-140 Beckwith Ave. C&W announced the deal Wednesday, noting that the former airplane engine manufacturing factory is now a multitenant complex that is fully leased to 14 tenants.
“The I-80 Industrial Complex is a great investment opportunity,” said David Bernhaut, a member of the C&W brokerage team. “The property is ideally located in proximity to many of New Jersey’s main transportation arteries and is fully leased to tenants paying significantly below market rental rates. The I-80 Industrial Complex is further bolstered by strong market fundamentals driven by a thriving e-commerce and logistics sector. The combination of all of these factors makes it an outstanding investment for new ownership.”
Bernhaut represented the seller of the 4.36-acre property alongside Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein. They said the complex, originally built and operated by Wright Aeronautical at the turn of the 20th century, was once known as the largest airplane engine manufacturing factory in the U.S.
It now serves the booming but supply-constrained northern New Jersey industrial market, offering heavy floor loads, abundant power and large floor plates. C&W cited its location off Interstate 80 and access to Manhattan, Newark Liberty International Airport and the Port of New York & New Jersey.