The seller was DSM Resins, a business group of Dutch-owned companies that ranks among the world's top suppliers of resins to the coating, automotive and building industries. DSM was represented in the transaction by John Fatigati, senior vice president of the Garibaldi Group, based in Chatham, NJ. No details were released on the sale of the asset, which has been on the market since the second quarter of last year.
"This facility is a first-class industrial building on which we were able to execute a sale within a reasonably quick time frame," according to Fatigati. "The Bergen County market, as well as the overall New Jersey marketplace, continues to demonstrate strong demand for quality industrial space."
The building, which also includes nearly 9,000 sf of office space, is located near Routes 20 and 46, I-80 and the Garden State Parkway. Its amenities include two drive-ins and five tailboard loading docks, according to Fatigati.
New owner Penn Color makes liquid and thermoplastic dispersions for the coloration of inks, coatings and plastics at its New Jersey operation, which is being expanded to the facility. The company also makes specialty high-performance finishes for a variety of substrates, and high-performance inks and coatings for wall coverings and flooring.
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