September 6, 2019
New York City-based Davco Group purchased a six-building industrial complex at 114 Beach St. in Rockaway, NJ for an undisclosed sum from the Silverman Group. This represents the second industrial complex Davco added this year.
“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 the capital markets team of 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,” Schwartz added.
Totaling 170,000 square feet, 114 Beach St. is 99% leased to 17 tenants, including light manufacturing, service and distribution companies.
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