Located immediately off Route 17 in Bergen County, five minutes south of the intersection of major interstate highways 87 and 287, the Mahwah Industrial Park properties have tremendous visibility and provide easy access to Midtown Manhattan, Port Newark/Elizabeth, Newark Liberty International Airport and the Meadowlands Industrial Market through northern New Jersey’s highway network.
The assets are 100-percent leased to a tenant roster that spans various industries, most notably, Prestige Toyota, Lincoln Technical Institute, Flyte Tyme and EDAX.
“This is an excellent risk-adjusted investment given the market constraint and flexible nature of the improvements, as well as the strong occupancy history of these consistently institutionally owned assets,” stated Dave Surti, principal of Camber Real Estate Partners. “The park’s desirability is evidenced by its ability to continually attract and retain tenants with lengthy tenure.”
The three buildings that encompass the portfolio were built to an institutional standard in 1966, with all units featuring individual entrances and dedicated loading. The campus offers parking ratios that exceed the market standard and is ideal for heavy parking users. However, the buildings are highly divisible and suitable for a variety of manufacturing, distribution and office tenants.
The sale was arranged by the New Jersey investment sales team of Cushman and Wakefield. The team was led by Vice Chairman Gary Gabriel and included Managing Director Kyle Schmidt and Associate Director Ryan Larkin.
John Alascio, executive managing director of Cushman and Wakefield’s Equity, Debt and Structured Finance group, arranged mortgage financing with a team that included Senior Director Sri Vankayala, Capital Markets Associate Noble Carpenter III and Analyst Emily Johansen.
The acquisition financing of $31.2 million was provided by People’s United Bank.