CUSHMAN & WAKEFIELD ARRANGES $15.85 MILLION SALE OF BERGEN COUNTY HIGH-TECH/FLEX INDUSTRIAL BUILDING
114,206-Square-Foot Facility was fully Leased to Two Tenants at the Time of Sale
ALLENDALE, N.J. – April 17, 2012 – (RealEstateRama) — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has orchestrated the $15.85 million sale of 75 Commerce Drive, a 114,206-square-foot high-tech/flex industrial facility within Allendale Corporate Center. The seller was represented by the CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel in East Rutherford, N.J., and Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of the firm’s Edison, N.J. office. The buyer was a joint venture between Loeb Partners Realty LLC led by Nick Rizzo and Red Pine Capital Partners led by Michael K. Federman.
Constructed in 1998, 75 Commerce Drive is situated on nine acres just off Route 17 in northern Bergen County, minutes from I-287 and the Garden State Parkway. The primarily single-story facility consists of 90,222 square feet of office/lab space including a 14,000-square-foot second-story mezzanine, and 23,984 square feet of warehouse space.
At the time of sale, 75 Commerce Drive was fully leased to two tenants, including Aptuit, a leader in pharmaceutical development services, which occupies 70,632 square feet including the mezzanine space. Energizer Holdings’ Playtex Division occupies the remaining 43,574 square feet, utilizing the space as the R&D and testing facility for many of the division’s personal care products, including such well-known brands as Playtex, Wet Ones, Banana Boat and Hawaiian Tropic.
“The building is unique in that it was almost 100 percent built-out as lab and office space,” said Bernhaut. “The two tenants have very heavy installations. Aptuit has everything from offices and clean rooms, to refrigeration and freezer space, and Energizer has invested very heavily in R&D labs. The build-out is very ‘high end’ compared to one that might typically be thought of as flex space.
“Bergen County/Route 17 is a very strong high-tech/flex/lab market with many higher-end users, including pharmaceutical companies,” said Bernhaut. “This offering provided the opportunity for a buyer to acquire a best-in-class facility with tenants that have been in place, literally since it was built.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $16 billion worth of transactions since 2000.
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