999 Riverview Drive in Totowa — Courtesy: Cushman & Wakefield
By Joshua Burd
Mack-Cali Realty Corp. has sold a 13-building flex and industrial park in Totowa, in a $65.5 million deal brokered by Cushman & Wakefield.
The real estate services firm represented both Mack-Cali and the buyer, Heritage Capital Group, in the trade of the Totowa Commerce Center. The deal gives Heritage Capital control of a 508,028-square-foot, 90 percent leased complex located directly off of the interchange of Interstate 80 and routes 46 and 23.
The Cushman & Wakefield Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt brokered the deal.
“The offering of this distinctive infill property drew significant interest,” Gabriel said. “Heritage Capital Group, exercising a 1031 exchange, moved quickly and performed seamlessly for an outcome satisfactory to both parties.”
Cushman & Wakefield also arranged $51.75 million in acquisition financing for the buyer, a real estate investor and owner based in Ridgewood. Natixis Real Estate Capital provided the 10-year, fixed-rate financing.
The C&W team of John Alascio, Sridhar Vankayala and Andre Hass represented Heritage Capital in the transaction. The firm said it negotiated attractive loan proceeds, an interest-only period and competitive pricing, all of which fulfilled the buyer’s needs.
“The property is a highly functional, well occupied, versatile flex/industrial park with excellent access, which checked all the boxes for lenders,” said Alascio, executive director of C&W’s Equity, Debt & Structured Finance team.
Totowa Commerce Center is home to four dozen tenants from various industries, Cushman & Wakefield said in a news release. The complex includes 12 flex buildings and one office building, along with a 5.8-acre parcel that allows for future development.
“The property features diverse tenancy with no real concentrated roll,” Vankayala said.
