NEW YORK, Oct. 5, 2017 - Commercial real estate services firm Cushman & Wakefield, Inc. announced today that it served as exclusive advisor to seller Mack-Cali Realty and buyer Heritage Capital Group in arranging the $65.5 million trade of Totowa Commerce Center, located immediately off of the interchange of Interstate 80 and Routes 46 and 23 in Passaic County, New Jersey. 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.
Totowa Commerce Center is a 13-building flex/industrial park totaling 508,028 square feet. Currently 90 percent leased, the property is home to nearly 48 tenants from various industries. It also features a 5.8-acre land parcel that allows for future development. The complex, which offers 12 flex buildings and one office building, lies in a densely populated infill location positioned just 20 miles west of New York City. It provides access to the tri-state area's deep labor pool and the country's greatest consumer base. The park, built in various stages throughout the late 1980s and 1990s, offers "last mile" access at affordable rents to tenants in need of functional office and warehouse space.
The Cushman & Wakefield Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt represented the seller and procured the buyer in this late third-quarter transaction. "The offering of this distinctive infill property drew significant interest," Gabriel said. "Heritage Capital Group, exercising a 1031 Exchange, moved quickly and performed seamlessly for an outcome satisfactory to both parties."
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and Andre Hass represented Heritage Capital Group in the transaction. Cushman & Wakefield successfully negotiated attractive loan proceeds, an interest only period and competitive pricing, all of which fulfilled the buyer's needs.
"The property is a highly functional, well occupied, versatile flex/industrial park with excellent access, which checked all the boxes for lenders," said Alascio, executive director of Cushman & Wakefield Equity, Debt & Structured Finance.
Sridhar Vankayala, director, added "The property features diverse tenancy with no real concentrated roll."
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients' ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
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