75 Wood Road and 90 6th Ave. in Paterson — Courtesy: Marcus Partners
By Joshua Burd
An investment firm has acquired a two-building, 194,000-square-foot industrial portfolio in Paterson, marking its first foray into the asset class in New Jersey.
The newly added properties by Boston-based Marcus Partners include 75 Wood Road and 90 6th Ave., which are fully leased and boast a location some two miles from Interstate 80. Along with being its first industrial investment in the state, it is the firm’s ninth overall this year for a total of 1.3 million square feet.
“This investment provides an attractive mix of current cash flow with value-add opportunities through property enhancements,” said Bill McAvoy, a principal at Marcus Partners. “As we aggressively seek new investments along the East Coast, this is a great start for us in New Jersey.”
Marcus’ existing portfolio of industrial buildings and development deals now totals 3.6 million square feet, including 800,000 square feet of development, according to a news release. The company had notable success in the office market — including the repositioning and $115 million sale of a 460,000-square-foot building in Secaucus in 2017 — but it’s now seeking opportunities in the warehouse and logistics center in the Northeast and Mid-Atlantic.
Gregg Kelman of GK Realty brokered the transaction.