Prism Joint Venture Acquires 180,000-Sq.-Ft. Bergen County Industrial Building
Teams with The Davis Companies to Acquire 41 Slater Drive from an Affiliate of Marcal Paper
ELMWOOD PARK, N.J., June 26, 2012 - Prism Capital Partners LLC and The Davis Companies have teamed up to acquire 41 Slater Drive, a 180,000-square-foot industrial building in Elmwood Park, from an affiliate of paper products manufacturer Marcal, announced Prism Principals Eugene Diaz and Edwin Cohen. The all-cash transaction was brokered by Thomas Carragher of Studley.
Constructed in 1972 and situated on 11 acres at the intersection of I-80 and River Rd. in Bergen County, the property consists of 145,000 square feet of warehouse space and a 35,000-square-foot office component. The location provides visibility from I-80.
The warehouse space is currently leased on a short-term leaseback by Marcal Paper, and the office space is leased to Bio-Reference Laboratories, Inc., the largest clinical laboratory company in the Tri-state region and one of the largest in the U.S. Prism Property Services is currently managing and leasing the property.
"This is a very strategically located asset, and because Marcal is under a short-term leaseback, we are actively marketing the property," said Cohen. "Bio-Reference itself will be taking additional space in the near future - it is one of New Jersey's fastest growing companies, and its occupancy provides a solid base for the building's future."
"This transaction marks our first venture with The Davis Companies," said Diaz, noting that the Boston-based Davis and its affiliates own and manage a six million-square-foot real estate portfolio. "The acquisition of 41 Slater Drive provides the opportunity to create substantial additional value, and we will apply our creativity and deal-making experience to accomplish that."
Based in Bloomfield, N.J., Prism is geographically focused in the tri-state region of New York, New Jersey and Connecticut, specializing in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.