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Passaic industrial site sells for $52M, Lee & Associates NJ says
Fully leased property boasts 330,000 square feet
Jessica Perry//September 23, 2022//
Passaic industrial site sells for $52M, Lee & Associates NJ says
Fully leased property boasts 330,000 square feet
Jessica Perry//September 23, 2022//
The sale of a fully leased, 330,000-square-foot industrial property in Passaic marks the second this week for Lee & Associates New Jersey.
New York-based Thor Equities purchased 153 Linden St. for $52 million from Waitex, the full-service, international commercial real estate firm announced Sept. 23.
“In a fiercely competitive marketplace, all parties were able to negotiate an equitable deal – a testament to both the seller and buyer,” President and Principal Richard Marchisio said in a statement.
As of the second quarter of this year, the vacancy rate in Passaic County was 1.5%.
Marchisio was retained by the seller, along with Principal Brian Lynch and Partner Drew Maffey. The team also procured the buyer.
“The bidding process was highly competitive, which points to continued velocity and appetite for industrial product throughout the entire state of New Jersey,” Marchisio added.
Situated on 10.7 acres near Route 21, the warehouse property offers access to both Newark Liberty International Airport and Port Newark-Elizabeth.
