Boston-based Marcus Partners has made its first industrial investment in New Jersey.
The investment, management and development firm acquired 75 Wood Road and 90 6th Avenue in Paterson NJ.
The two industrial buildings total 194,000 s/f and are fully leased to four companies. According to public records, the properties were sold by a Brooklyn-based LLC which acquired 75 Wood Avenue for $7.8 million in 2018.
This Marcus Partner first industrial investment in New Jersey and ninth overall this year, bringing year to date activity to 1.3 million square feet
“This investment provides an attractive mix of current cash flow with value-add opportunities through property enhancements,” noted Bill McAvoy, principal at Marcus Partners. “As we aggressively seek new investments along the east coast, this is a great start for us in New Jersey.”
Marcus’ existing portfolio of industrial buildings and development deals now totals 3.6 million square feet, including 800,000 s/f of development. Marcus Partners continues to seek additional opportunities in the Boston to Washington DC markets. As a part of the effort, this purchase begins the assembly of a New Jersey portfolio of Class A and B industrial assets including existing and ground up development – consistent with its current portfolio.
Gregg Kelman of GK Realty facilitated the transaction.