By Joshua Burd
A joint venture has acquired nearly 73,000 square feet of shallow-bay industrial space in Bergen County for some $17 million, completing the deal with $9.7 million in new financing.
Brokers with JLL arranged both transactions, representing Cabot Properties in the sale and sourcing the debt on behalf of buyers East Capital Partners and Westport Capital Partners. That facilitated the trade of the three-building, 72,956-square-foot portfolio of 53 West Century Road in Paramus, 100 Galway Place in Teaneck and 490 South Dean St. in Englewood, all of which were built between 1962 and 1968 and renovated between 2005 and 2011.
JLL added that the portfolio is 100 percent leased to three tenants serving the automotive aftermarket distribution, technology solutions and consumer products sectors.
“Multitenant, small-bay industrial portfolios continue to attract investor demand, especially in northern New Jersey infill submarkets, where leasing velocity remains robust and new supply faces headwinds,” said Jason Lundy, a managing director with JLL.
Lundy, fellow Managing Director Nicholas Stefans, Senior Director Ryan Cottone and Senior Analyst Luke Ceccoli led the team that arranged the off-market, $17.28 million sale. Director Ryan Carroll spearheaded the debt advisory team that sourced the acquisition loan through Aegon Asset Management, while Executive Vice President Doug Rodenstein and Executive Managing Director Chris Hile provided leasing advisory.
Located within 20 minutes of New York City, the portfolio provides direct access to Interstate 80, Interstate 95 and the George Washington Bridge, according to a news release. The location also serves more than 2.9 million consumers within a 30-minute drive and 12.5 million within 60 minutes, connecting tenants to the densely populated markets of northern New Jersey and the New York City boroughs.
“East Capital’s operational expertise with this product type was a key factor in executing the sale as they continue to aggregate well-located, functional small-bay industrial assets,” Stefans said.
