The deal was orchestrated by Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel, all of Cushman & Wakefield's Metropolitan Area Capital Markets Group. The sale price was not disclosed.
"We received a number of competitive bids for this offering," Cruz says. "Despite the challenging economy and financing climate, we're finding that demand for well-located industrial assets remains significant."
Locally, the building at 500 Memorial Dr. sits on just more than 11 acres near the Easton Ave. interchange with Interstate 287. And the high tech/flex 400 Commons Way in Rockaway sits on nearly 16 acres near Exit 37 of Interstate 80. The two buildings were fully leased at the time of sale, with major tenants including custom countertops maker ALPS Technologies at 500 Memorial Dr. and retailer Party City at 400 Commons Way.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
