I-80 Industrial Center in Paterson. – CUSHMAN & WAKEFIELD
Cushman & Wakefield announced June 9 the real estate services firm arranged the sale of the I-80 Industrial Complex, a seven-building, 331,000-square-foot industrial asset in Paterson.
A Cushman & Wakefield team of David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein represented the seller in the transaction. Joseph Smouha of Mynt Properties LLC acquired the complex.
“The I-80 Industrial Complex is a great investment opportunity,” said Bernhaut. “The property is ideally located in proximity to many of New Jersey’s main transportation arteries and is fully leased to tenants paying significantly below market rental rates.”
Originally built and operated by Wright Aeronautical at the turn of the twentieth century, the I-80 Industrial Complex was once known as the largest airplane engine manufacturing factory in the United States. Having stood the test of time, the current day, repositioned industrial complex – located in one of Norther Jersey’s most supply constrained markets – is conveniently located directly off Interstate 80, only 14 miles from Manhattan, 18 miles from Newark International Airport and 23 miles from the Port of New York and New Jersey.
Situated on 4.36 acres of land, the multiple buildings located at 239-241 Lindbergh Place, 122-128 Beckwith Ave. and 128-140 Beckwith Ave. are fully leased to 14 tenants that benefit from the buildings’ heavy floor loads, abundant power and large floor plates.
Northern New Jersey is the third-largest industrial market in the United States and it continues to see robust demand with eCommerce and logistics being key growth drivers.
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