M id A tlantic Real Estate Journal — New Jersey — August 14 - 27, 2020 — 3B


N ew J ersey

NAI Hanson reps. seller, Penwood RE Investment Management in 76,624 s/f Carlstadt sale Perkins & Todd of NAI James E. Hanson ink sale of 119,592 s/f industrial building in Totowa

OTOWA, NJ — NAI James E. Hanson has negotiated the sale of a 119,592 s/f industrial building at 922 RiverviewDr. in Totowa. NAI James E. Hanson's Scott Perkins, SIOR, and Chris- topher Todd represented the seller, 922 Riverview Drive Associates, in the transaction. McBride Corporate Real Estate represented the buyer, Innova- tive Cosmetic Concepts. 922 Riverview Drive's over 78,000 s/f of ground-floor ware- house space, 17,000 s/f of office space, and 24,000 s/f of tem- perature-controlled, vaulted warehouse space makes it one of the most flexible warehouse properties on the local market. Additionally, the property's 20'6"-25" ceiling heights, three tailgates with the option to expand to seven total, and 120 surface parking spaces, further enhance the property's flexibil- ity and adaptability to a wide range of uses. Situated less than two miles from the inter- section of Routes 23 and 46 and Interstate 80, 922 Riverview Drive's combination of flexibil- ity and accessibility created a rare acquisition opportunity in the current northern New Jersey industrial market. The deal marks the second closed deal in the area for the team of Perkins and Todd over the last year. Late last year, Perkins and Todd negotiated the sale of 200 Maltese Dr., a 208,000 s/f industrial building located less than a mile away. At the time, the owners of 922 Riverview Dr. were not inter- ested in selling their property. However, their business needs changed, and they looked to relocate their company to Long Island. "Despite COVID-19 and the broader economic slow- down, the northern New Jersey industrial market continues to be one of the most competitive in the nation," said Perkins. "In such a robust and crowded market, it is important for sellers to select representation with a long track record of suc- cess in closing similar deals in the submarket. As seen in this transaction, our deep experi- ence in this area coupled with our understanding of local eco- nomic conditions provides us with the tools to help our clients realize full value for their as- sets in any market conditions." In a separate transaction, NAI James E. Hanson has negotiated the sale of a 76,624 s/f industrial building at 463 T

922 Riverview Dr. in Totowa

463 Barell Ave. in Carlstadt

Barell Ave. in Carlstadt. NAI James E. Hanson's Perkins, SIOR, Thomas Vetter, SIOR , Jeff DeMagistris, SIOR , and Todd represented the seller, Penwood Real Estate In- vestment Management , in the transaction with the buyer,

ing from 16'-21'6", two loading docks, and six drive-ins. The property also offers 19,369 s/f of office space on two floors and 190 parking spaces. With easy access to Rtes. 3, 17, 46, 80 and the New Jersey Tpke., 463 Barell Ave. provides supe-

rior connectivity to the NYC and Philadelphia metro areas. Additionally, the property is just miles fromNewark Liberty International Airport and Port Newark Elizabeth, two of the region's primary international logistics hubs. MAREJ

Cheveux Corp. Elite Realtors of NJ and Team Resources represented Cheveux Corp . in the transaction. Situated on 3.5 acres, 463 Barell Ave. features a highly adaptable industrial layout with clear ceiling heights rang-



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