TOTOWA, NJ—Heritage Capital Group has acquired Totowa Commerce Center, located immediately off the interchange of Interstate 80 and Routes 46 and 23 in Passaic County, NJ, from Mack-Cali Realty for $65.5 million.
Cushman & Wakefield served as exclusive advisor to Mack-Cali and Heritage Capital and also arranged $51.75 million in acquisition financing for Heritage. Natixis Real Estate Capital provided the 10-year, fixed rate financing.
Totowa Commerce Center is a 13-building flex/industrial park totaling 508,028 square feet. Currently 90 percent leased, the property is home to nearly 48 tenants from various industries. It also features a 5.8-acre land parcel that allows for future development. The complex, which offers 12 flex buildings and one office building, lies in a densely populated infill location just 20 miles west of New York City. The park, built in various stages throughout the late 1980s and 1990s, offers “last mile” access at affordable rents to tenants in need of functional office and warehouse space.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
