517-529 East 34th St. in Paterson — Courtesy: IPRG
By Joshua Burd
A private investor has acquired a nearly 26,000-square-foot cold storage and warehouse complex in Paterson for $3.9 million, in a newly announced deal by IPRG.
Brokers with the firm represented both parties in the transaction at 517-529 East 34th St., the former home of Lotito Foods. According to a news release, the three-building, 25,660-square-foot property includes more than 8,000 square feet of refrigerated space designed for businesses requiring temperature-controlled environments, as well as accessory warehousing and office space and ceiling height clearance ranging from 16 to 20 feet.
IPRG Partner and Managing Director Yanni Marmarou and Associate Homer Deleon completed the transaction. They noted that Lotito Foods, a provider of specialty cheese and Italian food products, sold the property vacant.
“This transaction highlights the ongoing demand for cold storage facilities in strategic locations,” Marmarou said. “The property’s size, layout and location off of Route 80 made it an attractive opportunity. Our team procured multiple offers and ultimately sold it to a seasoned investor who fell in love with location.”
The brokerage team added that the site has a roughly one-acre lot with dedicated parking for up to 10 vehicles and tractor-trailer loading. It also has three separate dock-high loading doors for optimal shipping and receiving efficiency.
