Cushman & Wakefield Brokers Sale of New Jersey Industrial Building
- Sep 13, 2019
Cushman & Wakefield has facilitated the sale of 114 Beach St., a 170,000-square-foot industrial building in Rockaway, N.J. A team comprising Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, alongside Stephen Sander, represented the seller, The Silverman Group, and procured the buyer, Sholom Davidowits of Davco Group. The property changed hands in a $4.7 million deal, Yardi Matrix data shows.
The property encompasses six buildings sitting on more than 10 acres. They were completed in 1905 and 1931, respectively, and are 99 percent occupied by 17 companies. Notable tenants include Carolan Packaging, Plastiform Packaging, Paws-itive Experience Pet Services, Cutters Tree Services and Grey Sky Films.
Located in the center of Morris County, the last-mile industrial complex is situated close to major thoroughfares such as Interstate 80 and Route 46. More than 34 million customers are located within a 3-mile radius. New York City is 35 miles away.
According to Yardi Matrix data, The Silverman Group had purchased the property last February as part of a 5 million-square-foot portfolio. This was the second industrial complex Davco Group acquired this year.
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