October 6, 2017
Mack-Cali Realty has sold the Totowa Commerce Center, a flex industrial park in Passaic County, NJ, to Heritage Capital Group for $65.5 million.
“The offering of this distinctive infill property drew significant interest,” said Gary Gabriel, executive manager director for Cushman & Wakefield, which represented the seller and procured the buyer. Cushman & Wakefield also arranged $51.75 million in acquisition financing for Heritage Capital Group; Natixis Real Estate Capital provided the 10-year, fixed rate financing.
“Heritage Capital Group, exercising a 1031 Exchange, moved quickly and performed seamlessly for an outcome satisfactory to both parties,” he said.
The 13 buildings at Totowa total 508,028 square feet of space, currently 90% leased, just 20 miles west of New York City. That proximity and access to Interstate Highway 80 and Routes 46 and 23 make the property a valuable “last-mile” property.
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