NAI James E. Hanson and Van Houten Corporate Realty have been named the exclusive sales agents for 468 Totowa Ave. a 108,000-square-foot, four-story industrial/flex complex in Paterson.
The assignment will be handled by NAI James E. Hanson’s Michael Walters and Cameron Silverstein along with Van Houten Corporate Realty’s Richard Van Houten.
The property’s unique location – in an Opportunity Zone, an Urban Enterprise Zone and a Garden State Growth Zone – allows it to benefit from multiple federal and state economic incentives.
“With numerous economic incentives and several major mixed-use and redevelopment projects currently underway, the neighborhood around 468 Totowa Ave. is well-positioned for a renaissance,” said Walters. “This unique property offers a clean palette and presents a tremendous investment opportunity for the right buyer to create a valuable real estate investment in the heart of Paterson’s resurgence.”
468 Totowa Ave. stands at the highest point in Paterson and is regarded as an iconic property in one of New Jersey’s most historic cities. Comprised of four floors of 20,000 square feet each, attached to a 19,000-square-foot building with a 14-foot clear span ceiling. The complex features a unique configuration that offers maximum flexibility to a range of potential buyers.
Situated on 1.9 acres, 468 Totowa Ave. boasts five tailgates and a single freight elevator with 10,000-pound capacity, located in a common receiving area. The property is also in the Adaptive Reuse District (ARD), which allows a multitude of uses including residential, self-storage, warehouse/storage incubator and venue space.
Located with easy access to major highways and public transportation, 468 Totowa Ave. is situated less than a mile from Route 80 and only 17 miles from New York City via the Lincoln Tunnel. The property’s location is adjacent to Hinchliffe Stadium, the site of a new, fully funded $70 million mixed-use redevelopment project.