Lackawanna Business Park, located at 86 Lackawanna Ave. in Woodland Park — Courtesy: Cushman & Wakefield
By Joshua Burd
A family partnership has sold a three-building industrial park in Passaic County for $10.2 million, in a newly announced transaction by Cushman & Wakefield.
The brokerage team said the Lackawanna Business Park, located at 86 Lackawanna Ave. in Woodland Park, is made up of 140,548 square feet housing 40 tenants. An entity listed as Lackawanna Woodland LLC purchased the property, which is less than a mile from Interstate 80 and Route 46.
“Lackawanna Business Park has been owned by the same family partnership for more than 30 years and has been historically exceptionally well-leased with an average occupancy of 95.3 percent over the past 10 years,” said C&W’s Andrew Schwartz, who is part of the team representing Lackawanna Associates LLC in its sale of the property.
Schwartz completed the deal alongside David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso and Jordan Sobel, also of C&W. They noted that the park has a diverse tenant roster, with the largest user representing only 9 percent of the rentable building area.
The brokers added that Lackawanna Business Park caters to local and regional service providers, small business owners, consumer goods manufacturers and video and music production companies seeking convenient commutes for employee and customer bases.