Hampshire Companies Sells Totowa Industrial for $51M
"We continue to see investor interest in high quality and well-located industrial assets throughout the state," HFF's José Cruz says.
TOTOWA, NJ—The Hampshire Companies sold 700 Union Boulevard, a 382,596-square-foot, newly constructed industrial building in the Northern New Jersey community of Totowa, NJ, for $51 million. The buyer was not identified.
A Holliday Fenoglio Fowler team led by executive managing director Joe B. Thornton Jr., senior managing directors Jon Mikula and José Cruz and directors Marc Duval and Jordan Avanzato marketed the property on behalf of the seller. The property was marketed along with a $146.85-million, six-building industrial portfolio totaling 1.2 million square feet in Northern New Jersey. That sale closed in 2017.
“We continue to see investor interest in high quality and well-located industrial assets throughout the state,” Cruz says. “This closing completes the acquisition of the portfolio.”
Situated on 26 acres, 700 Union Boulevard is just off Interstate 80 and less than 13 miles from the New Jersey Turnpike, which provides easy access to the rest of the northern part of New Jersey and New York City. The single-story building was completed in 2018.