The identity of the seller was not disclosed; the sale price was $8.8 million, or about $114 per sf. The building had at one time been fully occupied by a regional division of YKK USA Inc., which itself has relocated within the Northern New Jersey region.
And the building's acquisition by Hop Industries was completed with the help of $6.8 million in permanent-debt financing arranged by James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook. The funding was provided by Principal Real Estate Investors, according to Gunning.
"Hop Industries will greatly benefit from this new location," Gunning says. "It's convenient to New York City, with access to the ports, as well as routes 3, 17 and 21 and the New Jersey Turnpike.
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