468 Totowa Ave. in Paterson — Courtesy: NAI James E. Hanson
By Joshua Burd
The owner of a 108,000-square-foot industrial and flex complex in Paterson is seeking a buyer, offering the potential for an adaptive reuse with the help of state and federal incentives.
Brokers with NAI James E. Hanson and Van Houten Corporate Realty are marketing the four-story property, 468 Totowa Ave., which sits at the highest point in Paterson. The team is touting its versatility and the ability to satisfy a range of uses, thanks in part to its location in an Adaptive Reuse District.
Those uses include residential, self-storage, warehouse/storage incubator and venue space, NAI Hanson said. The firm also cited the building’s location in a federally designated Opportunity Zone, an Urban Enterprise Zone and a Garden State Growth Zone, allowing it to benefit from multiple federal and state economic incentives.
“With numerous economic incentives and several major mixed-use and redevelopment projects currently underway, the neighborhood around 468 Totowa Avenue is well positioned for a renaissance,” NAI Hanson’s Mike Walters said. “This unique property offers a clean palette and presents a tremendous investment opportunity for the right buyer to create a valuable real estate investment in the heart of Paterson’s resurgence. With our deep history in New Jersey, our team looks forward to helping to play in integral part in the city’s rebirth through the successful marketing of 468 Totowa Avenue.”
Walters is handling the assignment alongside NAI Hanson’s Cameron Silverstein and Van Houten Corporate Realty’s Richard Van Houten. They noted that 468 Totowa Ave. has four floors of 20,000 square feet each and is attached to a 19,000-square-foot building with a 14-foot clear span ceiling.
Sitting on 1.9 acres, 468 Totowa Ave. also has five tailgates and a single freight elevator with 10,000-pound capacity, which is located in a common receiving area. The site is also less than a mile from Interstate 80 and 17 miles from New York City via the Lincoln Tunnel, while it is adjacent to the site of a new $70 million mixed-use redevelopment project at Hinchliffe Stadium.