CBRE Group, Inc. Teams Coordinate to Complete Largest Individual Industrial Property Sale in More Than a Decade
SADDLE BROOK, N.J. (June 28, 2013) – CBRE Group, Inc. announced today the sale of 90 Dayton Avenue, in Passaic, N.J. The 1.64-million-square-foot site set on 30.86 acres is among the few remaining major developable sites in the heart of one of the state’s most densely populated markets.
In a transaction that highlights the depth of its client service platform, a number of CBRE teams collaborated to represent the seller, Passaic Industrial Center Associates, and procured a Private Capital Group investor to purchase the property. The new owner intends to stabilize and hold the property for investment purposes while developing a portion for retail use. The site is currently used for industrial warehouse, manufacturing and distribution purposes.
The CBRE New York-based team of Darcy Stacom, vice chairman, and Paul Lebowitz, executive vice president, teamed with Charles Berger, of CBRE New Jersey’s Private Capital Group, and Elli Klapper, of CBRE’s NY Private Capital Group, to complete the sale.
The Industrial Group’s Bill Waxman and Mindy Lissner were brought in to lease up the property and Cheryl Woodrow, of Asset Services, to manage it. Messrs. Klapper and Berger are continuing CBRE’s relationship with the new owner and are bringing in the New Jersey Retail Group to lease the soon to be converted retail portion of the property.
“This complex transaction took time, but based on the collaboration of all of the groups involved, we were able to bring about a most satisfactory conclusion for our client,” said Mr. Klapper. “This site is one of the oldest complexes in Passaic and represents one of the original planned industrial communities. It will be interesting to see how it is transformed and revitalized for future generations.”
Mr. Berger noted that the inventory of available land for development in the region has severely diminished in the past decade and this particular site offers the strategic opportunity for a multitude ofmixed-use developments, including retail, industrial, multi-family or other related uses.
The property is a collection of 51 buildings operating with various tenants since approximately 1894. In 1994, Passaic was designated as an Urban Enterprise Zone (UEZ), and as such is able to receive valuable tax benefits and incentives to encourage business development.
The site boasts a strategic location immediately off highly traveled Route 21 and with easy access to Routes 3, 46, 80, the Garden State Parkway and the New Jersey Turnpike. It offers convenient proximity to the Passaic train station and is approximately 15 miles from Newark Liberty International Airport and Port Newark/Elizabeth. A variety of major retailers surround the property. Home Depot and Walgreens are at the western side, while to the north are Kmart, Fashion Bug, Pathmark, and GNC, among others.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.