ELMWOOD PARK, NJ—Marcus & Millichap brokered the sale of 1 Paul Kohner Place, a 117,000-square-foot industrial property situated on 5.43 acres in Elmwood Park, NJ. The property sold for $10.95 million at a 6% capitalization rate.
Donovan Mackey, Mark Taylor, Dave Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, The Paige Company. The team also procured the buyer, a limited liability company.
Given the desirability of the asset, one of the biggest challenges the team faced is maintaining a transparent marketing process for the various qualified buyers who express interest throughout the term.
“The scarcity of quality industrial listings has led to a buyer frenzy for stabilized assets like The Paige Company’s, and our client ultimately chose the winning bidder due not only to the strong price we achieved for them but also our client’s belief in the strength of the buyer and the favorable terms of the transaction.” says Mackey. “The institutional, pension-fund buyer recognized the irreplaceable real estate fundamentals of this asset and demonstrated their confidence in the tenant by closing rapidly. This listing generated a tremendous amount of interest and offers given its location in one of the country’s most valuable urban-infill industrial markets.”
The property is less than 10 miles from the George Washington Bridge and is near I-80 and The Garden State Parkway.