By Joshua Burd
A buyer has paid $11 million to acquire a pharmaceutical manufacturing building in Totowa, where it now plans to retrofit the space into a warehouse and storage facility.
The broker in the sale, GK Realty Services, announced recently that it represented Aner Co. in the purchase of 990 Riverview Drive. The 121,540-square-foot industrial building, which sits directly off Route 46 and Interstate 80, was built in 1965 and renovated in 2007 as a solid oral dose manufacturing facility for Actavis.
“Due to the nature and specialization of the building as a pharmaceutical manufacturing facility, the property appealed to a very select market,” Gregg Kelman, owner of GK Realty Services, said in a prepared statement. “After an extensive search for another pharma user, we switched our efforts to a reuse and adaptation of the site.
“The new owner will retrofit the building to use as warehouse/storage space while also leasing trucks at the facility.”
Kelman, whose firm is based in Maywood, represented both parties in the sale.
