4B — September 23 - October 20, 2022 — Northern New Jersey — M ID A TLANTIC Real Estate Journal
www.marej.com
N ORTHERN NJ
Josh Krantz represents both seller and buyer in transaction Lee & Associates New Jersey brokers off-market Passaic County industrial trade
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LIFTON, NJ — A 98,000 s/f, two-build- ing Passaic County
warehouse pr ope r t y has traded in an off- market sale brokered by Lee & As- sociates New Jer- sey . Long- point Realty
Josh Krantz
Partners L.P. acquired 31-35 Styertowne Rd. in Clifton from Kessler-Schwartz As- sociates; the new ownership
31-35 Styertowne Rd.
subsequently appointed Lee & Associates as exclusive leasing agent for the asset. Lee & Associates’ Josh Krantz , senior vice presi- dent, represented the seller and procured the buyer in the transaction; he main- tains long-standing relation- ships with both parties. 31-35 Styertowne Rd. was a legacy property for the seller, a multi-generation, multi-family ownership en- tity. “The current climate for industrial investment makes this an advantageous time to divest,” Krantz said. “Similarly, active players in the market today are seek- ing any and all well-located product in Northern New Jersey’s tight infill submar- kets. The 31-35 Styertowne Road transaction provides a great illustration of both perspectives.” The multi-tenant prop- erty sits on 3.5 acres just off Route 3, 12 miles west of Manhattan. It is proxi- mate to the Garden State Parkway and Route 21, and easily accessible to other re- gional thoroughfares. Heavy power, multiple loading docks, drive-in doors and ample parking also contrib- ute to its appeal and historic high occupancy. Planned up- dates include LED lighting and window replacements. Commensurate with the sale, Longpoint Realty Part- ners retained Lee & Asso- ciates to market a 28,700 s/f availability that came online this spring at 31 Styertowne Rd. Krantz; Michael Schaible, partner; and Troy Wisse, assistant vice president, are leading the assignment. MAREJ
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