Boston-based Marcus Partners, a real estate investment, management and development firm, said July 19 that it recently acquired two industrial buildings totaling 194,000 square feet in Paterson.
This is the firm’s first industrial investment in New Jersey and ninth overall this year, bringing year-to-date activity to 1.3 million square feet.
“This investment provides an attractive mix of current cash flow with value-add opportunities through property enhancements,” noted Bill McAvoy, principal at Marcus Partners. “As we aggressively seek new investments along the East Coast, this is a great start for us in New Jersey.”
Located at 75 Wood Road and 90 6th Ave., the properties are 100% leased to four companies and are proximate to Route 80 while offering attractive loading and an oversized lay down area.
Marcus’ existing portfolio of industrial buildings and development deals now totals 3.6 million square feet, including 800,000 square feet of development. The firm continues to seek additional opportunities in the Boston to Washington, D.C. markets.
This purchase begins the assembly of a New Jersey portfolio of Class A and B industrial assets, including existing and ground-up development, consistent with its current portfolio.
Gregg Kelman of GK Realty facilitated the transaction.