Commercial brokerage firm Cushman & Wakefield recently announced it served as an advisor to Mack-Cali Realty and Heritage Capital Group in the sale of the Totowa Commerce Center in Passaic County for $65.5 million.
Cushman & Wakefield also announced it arranged a $51.75 million financing deal with Natixis Real Estate Capital on behalf of Heritage Capital Group.
“The offering of this distinctive infill property drew significant interest,” Gary Gabriel, Cushman & Wakefield, said. “Heritage Capital Group, exercising a 1031 Exchange, moved quickly and performed seamlessly for an outcome satisfactory to both parties.”
The Totowa Commerce Center is a 13-building, 508,028-square-foot flex and industrial park that is 90 percent leased. The property sits immediately off of the Interstate 80 and Routes 46 and 23 interchange, just 20 miles from New York City.
An additional 5.8 acre land parcel for additional development exists within the property.
The Cushman & Wakefield team of Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Frank DiTommaso and Kyle Schmidt represented the seller and the buyer in the transaction. John Alascio, Sridhar Vankayala and Andre Hass represented Heritage Capital in the financing arrangement.
“The property is a highly functional, well occupied, versatile flex and industrial park with excellent access, which checked all the boxes for lenders,”Alascio, executive director of Cushman & Wakefield Equity, Debt & Structure Finance, said.