One Paul Kohner Place, Elmwood Park, NJ
ELMWOOD PARK, NJ—Marcus & Millichap brokered the sale of 1 Paul Kohner Place, a 117,000-square-foot industrial property situated on 5.43 acres in Elmwood Park, NJ. The property sold for $10.95 million at a 6% capitalization rate.
Donovan Mackey, Mark Taylor, Dave Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, The Paige Company. The team also procured the buyer, a limited liability company.
Given the desirability of the asset, one of the biggest challenges the team faced is maintaining a transparent marketing process for the various qualified buyers who express interest throughout the term.
“The scarcity of quality industrial listings has led to a buyer frenzy for stabilized assets like The Paige Company's, and our client ultimately chose the winning bidder due not only to the strong price we achieved for them but also our client's belief in the strength of the buyer and the favorable terms of the transaction.” says Mackey. “The institutional, pension-fund buyer recognized the irreplaceable real estate fundamentals of this asset and demonstrated their confidence in the tenant by closing rapidly. This listing generated a tremendous amount of interest and offers given its location in one of the country's most valuable urban-infill industrial markets.”
The property is less than 10 miles from the George Washington Bridge and is near I-80 and The Garden State Parkway.
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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].
