Mack-Cali Sells NJ Flex/Industrial Park for $66M
- Oct 11, 2017
In a deal brokered by Cushman & Wakefield, Mack-Cali Realty has sold Totowa Commerce Center, a 13-building flex/industrial park in New Jersey’s Passaic County. The buyer, Heritage Capital Group, paid $65.5 million for the campus as part of a 1031 exchange. The sale was funded by a $51.7 million, 10-year, fixed-rate acquisition loan financed by Natixis Real Estate Capital.
Totowa Commerce Center encompasses 508,028 square feet of space and includes a 5.8-acre vacant land parcel that allows for future development. Built in phases between the late 1980s and 1990s, the complex features 12 flex buildings and an office building, and it is 90 percent occupied by 48 different tenants. Amenities include high ceilings and oversized bays, drive-in and tailboard loading docks and advanced fiber optics.
The campus is located along Commerce Way in Totowa, N.J. and offers immediate access to Interstate 80 and routes 23 and 46 via the West Belt Parkway Turnpike. Nearby amenities include shopping, restaurants, hotels and on-site childcare. It is also 20 miles away from New York City.
Cushman & Wakefield Metropolitan Area Capital Markets Group’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt represented both parties in the transaction. Executive Director John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield’s Equity, Debt and Structured Finance secured the financing on behalf of the borrower.
“The property is a highly functional, well-occupied, versatile flex/industrial park with excellent access, which checked all the boxes for lenders,” Alascio said in a prepared statement.
The sale is part of Mack-Cali’s non-core properties disposition plan.
Image courtesy of Yardi Matrix