922 Riverview Drive in Totowa — Courtesy: NAI James E. Hanson
By Joshua Burd
A cosmetics company has acquired a nearly 120,000-square-foot industrial building in Totowa, under a newly completed transaction by NAI James E. Hanson.
The buyer, Innovative Cosmetic Concepts, paid an undisclosed price for the property at 922 Riverview Drive. The global manufacturer and distributor will use the 119,592-square-foot building to expand its distribution and warehousing capabilities, seeking to meet the needs of its rapidly growing customer base.
NAI Hanson’s Scott Perkins and Christopher Todd represented the seller, 922 Riverview Drive Associates, while McBride Corporate Real Estate represented the buyer.
“Despite COVID-19 and the broader economic slowdown, the northern New Jersey industrial market continues to be one of the most competitive in the nation,” Perkins said. “In such a robust and crowded market, it is important for sellers to select representation with a long track record of success in closing similar deals in the submarket. As seen in this transaction, our deep experience in this area coupled with our understanding of local economic conditions provides us with the tools to help our clients realize full value for their assets in any market conditions.”
In a news release Tuesday, NAI Hanson said the building includes more than 78,000 square feet of ground-floor warehouse space, 17,000 square feet of office space and 24,000 square feet of temperature-controlled, vaulted warehouse space. The property also has ceiling heights ranging between 20 feet, six inches and 25 feet, along with three tailgates with the option to expand to seven.
The property is less than two miles from the intersection of routes 23 and 46 and Interstate 80, NAI Hanson said. The firm touted the transaction as the second closed deal in the area for Perkins and Todd over the last year, following the sale of a 208,000-square-foot industrial building located less than a mile away at 200 Maltese Drive.
The now-former owner of 922 Riverview Drive, which was not initially interested in selling, changed course after opting to relocate its company to Long Island.