By Joshua Burd
A plastics and packaging company has renewed its 83,000-square-foot lease in Wood-Ridge, in one of several deals announced last week by Team Resources Inc.
Brokers with the firm represented both parties in Paradigm Packaging’s renewal at 1 Passaic St. The transaction is among more than 200,000 square feet of recent activity at the building.
David Cantor, Greg Sholom and Shawn Roth completed the assignment for the Lyndhurst-based brokerage firm.
Team Resources also announced the sale of a 17,000-square-foot building at 243 Veterans Blvd. in Carlstadt to a metal recycler. Roth represented the buyer and seller.
“This deal worked well for both parties,” he said. “Due to the lack of inventory in the Meadowlands, the buyers spent more than two years looking for a suitable property. The seller was able to accommodate a longer due diligence time frame to allow the buyer to comply with regulatory requirements and obtain approvals it required.”
Meantime, Sholom and Cantor inked a 22,000-square-foot lease at 179 Entin Road in Clifton to Sigma Plastics Group. They represented both parties.
“Sigma was in need of additional square footage near an existing location to satisfy its current space needs,” Cantor said.