The seller was represented in the transaction by Stephen Elman, Stan Danzig and Noah Balanoff of the East Rutherford office of Cushman & Wakefield; the buyer was represented by Brian Scheuer of Chaus Realty of Hasbrouck Heights. The sale price was not disclosed; the property had been listed as available for lease, or for sale with an asking price of about $28.2 million, or $130 per sf.
"We saw a significant demand for the property," says Elman, who was the marketing agent. "Within the Greater Meadowlands market, which has a notable shortage of quality industrial product for sale, this facility offers modern distribution space that is less than 10 miles from Manhattan."
Driscoll Foods is said to be the largest independent foodservice company in New Jersey. Among its major accounts, which are primarily in the tri-state area, is the New York City school system.
"The Clifton property provides a great location for the company to service its customers in Northern New Jersey and New York," Elman says. "The Greater Meadowlands market is a mature, dense marketplace with little room for new construction. And in that context, this building mirrors the big box distribution facilities being constructed in the less constrained New Jersey Turnpike Exit 8A submarket. It really is unique for Northern New Jersey."
Driscoll Foods' new home is approximately five years old. Among its features are 32-foot clear ceilings, cross-docked loading and a fenced-in parking area. The building also has an office component of some 12,500 sf.
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