Cushman & Wakefield announced it helped arrange the sale of a multi-tenant industrial asset in Rockaway.
Located at 114 Beach St., C&W’s capital markets team orchestrated the deal in which Sholom Davidowits of Davco Group, a New York-based real estate investment company, purchased the more than 10-acre, six-building complex from The Silverman Group.
Totaling 170,000 square feet, 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies.
“This property benefits from stable cash flow and a diverse rent roll of long-term occupants,” said Cushman & Wakefield’s Andrew Schwartz, who represented the seller and procured the buyer with investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, with assistance from industrial market specialist Stephen Sander. “Demand for industrial product in Northern New Jersey is at historic highs, and this opportunity drew significant interest and multiple offers from the investment community, including private firms from New Jersey and New York.”
114 Beach St. is located less than one mile from Interstate 80 and Route 46 in the heart of Morris County. The densely-populated region 35 miles west of New York City has become a target location for “last mile” distributors and service providers alike. At the same time, the immediate area is known for its favorable labor market conditions for warehouse employment.
“As both online retail sales and manufacturing are expected to trend higher, the New Jersey industrial market is poised to remain one of the healthiest markets in the nation,” MacDonald said.