31-35 Styertowne Road in Clifton — Courtesy: Lee & Associates New Jersey
By Joshua Burd
Longpoint Realty Partners LP has purchased a two-building, 98,000-square-foot warehouse complex in Clifton, in a deal arranged by Lee & Associates New Jersey.
Josh Krantz, a senior vice president with the brokerage team, represented Kessler-Schwartz Associates in its sale of the property at 31-35 Styertowne Road. He noted that the complex was a legacy asset for the seller, a multigenerational, multifamily ownership entity, prompting the off-market deal with the Boston-based private equity firm.
Terms were not disclosed.
“The current climate for industrial investment makes this an advantageous time to divest,” Krantz said. “Similarly, active players in the market today are seeking any and all well-located product in northern New Jersey’s tight infill submarkets. The 31-35 Styertowne Road transaction provides a great illustration of both perspectives.”
Longpoint subsequently appointed Lee & Associates New Jersey as its leasing agent for the multitenant property, where it’s planning updates such as LED lighting and window replacements. The team of Krantz, Partner Michael Schaible and Assistant Vice President Troy Wisse are marketing a 28,700-square-foot availability that came online this spring, noting that the building has multiple loading docks, drive-in doors and ample parking.
Additionally, the 3.5-acre property sits just off Route 3 and is 12 miles west of Manhattan, while it’s minutes from the Garden State Parkway and Route 21.
