The Totowa Commerce Center portfolio includes more than a dozen buildings across Commerce Way, Center Court and Riverview Drive in Totowa. — Courtesy: PGIM Real Estate
By Joshua Burd
Longpoint Partners LP has secured nearly $64 million in financing for its purchase of more than 448,000 square feet of shallow-bay industrial space in Totowa.
Its lender, PGIM Real Estate, said Monday that it provided the fixed-rate loan in connection with the 10-building Totowa Commerce Center portfolio. Located less than a mile from Interstate 80, with quick access to routes 46 and 23, the properties are currently leased to 39 tenants that benefit from its connection to New York City and the surrounding area.
Cushman & Wakefield represented the seller, Heritage Capital Group LLC, as part of a deal announced in late June that included an additional three buildings within a 506,723-square-foot portfolio. The assets included in PGIM’s $63.5 million transaction span 448,224 square feet.
“We are excited to demonstrate our core financing capabilities with this large industrial transaction and are pleased to work with Longpoint to provide financing for a highly functional industrial park with great accessibility and a deep labor pool,” said PGIM Real Estate Executive Director Michelle Liu, who led the financing on the firm’s behalf.
Heritage Capital sells 13-building, 507,000 sq. ft. industrial park in Totowa
