I-80 Shallow Bay Industrial Portfolio – CUSHMAN & WAKEFIELD
Cushman & Wakefield announced Dec. 13 that it arranged the sale of the I-80 Shallow Bay Industrial Portfolio, a two-building industrial/flex portfolio boasting properties in Fairfield and Ledgewood.
Woodmont Properties, the seller, was represented by Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Andy Schwartz, Jordan Sobel and Andre Balthazard in the $22 million sale.
The team also procured the buyer, Western Building Co.
Located at 210 Fairfield Road in Fairfield and 1705 Route 46 in Ledgewood, the I-80 Shallow Bay Industrial Portfolio boasts a cumulative 92,486 square feet and is 100% leased to six tenants, according to Cushman & Wakefield.
At 28,800 square feet, GardaWorld has occupied 210 Fairfield Road since 2008. Meanwhile, 1705 Route 46 – with 63,686 square feet – features multiple tenants, including Imprimis Pharmaceuticals and Cintas as anchors. The property offers access to I-80.
“The I-80 Shallow Bay Industrial Portfolio offered the rare opportunity to acquire durable cash flow and benefit from the ever-growing industrial/flex markets,” said Gabriel. “These properties are well-located in highly desirable [Fairfield and Morris County] submarkets with great access to I-80.”
Woodmont has offloaded a handful of industrial assets this year, including a property in Woodbridge, in July; and one on Long Island that traded hands for $30.7 million.
