The deal was orchestrated by Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel, all of Cushman & Wakefield's Metropolitan Area Capital Markets Group. The sale price was not disclosed.
"We received a number of competitive bids for this offering," Cruz says. "Despite the challenging economy and financing climate, we're finding that demand for well-located industrial assets remains significant."
Locally, the building at 500 Memorial Dr. sits on just more than 11 acres near the Easton Ave. interchange with Interstate 287. And the high tech/flex 400 Commons Way in Rockaway sits on nearly 16 acres near Exit 37 of Interstate 80. The two buildings were fully leased at the time of sale, with major tenants including custom countertops maker ALPS Technologies at 500 Memorial Dr. and retailer Party City at 400 Commons Way.
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