ALLENDALE, NJ–The $15.85 million sale of a high tech/flex industrial facility off Route 17 has been arranged by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The 14-year old building at 75 Commerce Drive, which has 114,206 square feet within Allendale Corporate Center, is fully leased.
The buyer was a joint venture between Loeb Partners Realty, led by Nick Rizzo, and Red Pine Capital Partners, led by Michael K. Federman. The seller was undisclosed and did not wish to be named, a C&W spokeswoman confirms to GlobeSt.com.
“Bergen County/Route 17 is a very strong high-tech/flex/lab market with many higher-end users, including pharmaceutical companies,” notes David Bernhaut, a member of the CMG team that represented the seller. “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.”
Bernhaut joined Andrew Merin, Gary Gabriel and Jared Zimmel of C&W’s East Rutherford headquarters office, and Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of the firm’s Edison, office in accomplishing the transaction.
The building’s tenants are Aptuit, a pharmaceutical development service firm that occupies 70,632 square feet and the Playtex Division of Energizer Holdings, which occupies 43,574 square feet. Aptuit has offices, clean rooms, refrigeration and freezer space at the Allendale facility. Playtex uses its space for research, development, and testing for many of its personal care products, including Playtex, Wet Ones, Banana Boat and Hawaiian Tropic.
“The build-out is very ‘high end’ compared to one that might typically be thought of as flex space,” Bernhaut said.
The building is situated on nine acres immediately off Route 17 and close to I-287 and the Garden State Parkway.
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