WAYNE, NJ-In one of the few industrial property sales in the market this year, the 138,000-sf industrial and office building at 82 Totowa Rd. has been sold for $15 million, which factors out to nearly $109 per sf. The building, which includes 50,000 sf of office space and sits on 12 acres, is the headquarters and central distribution facility for Toshiba America Consumer Products.

The buyer was a joint venture of Prism Capital Partners LLC of Englewood and the New York City-based Centurion Realty. The seller was East Meadow Corp., a locally based private group. The sale was orchestrated by brokers from Cushman & Wakefield's Metropolitan Area Capital Markets Group, East Rutherford.

"The timing was ideal for the building's private owner to maximize its ROI," says C&W's David Bernhaut, who put the deal together with colleagues Andrew Merin, Gary Gabriel, Jose Cruz, Andrew Schiffer and James Yamauchi. "With so little quality industrial space on the market, the buyer approached us preemptively, looking for a stable asset with long-term security in which to invest."

"The New Jersey industrial market has been a consistent performer, and the Passaic County submarket is a strong distribution location," Schiffer says. "Within this context, 82 Totowa Rd. is a well-maintained, headquarters-quality property."

As reported by GlobeSt.com, seller East Meadow Corp. had renewed Toshiba America for a full-building lease early this year. The asset was purpose-built for Toshiba in 1979, and the electronics giant has been in the building, which is currently undergoing upgrades, ever since.