TOTOWA, NJ-Russo Development has expanded its reach into Passaic County with the acquisition of the six-acre now-former Hoffman-La Roche site at 50 Madison Rd. for an undisclosed price. What the Hackensack-based Russo has in mind for the property is construction of a 120,000-sf building combining warehouse and office/flex space.
"While entrenched in the Meadowlands area, we have been actively seeking sites in northern and western New Jersey in order to grow our property portfolio throughout the state," says Ed Russo, the company's president and CEO. "This acquisition is an example of our plan to aggressively acquire redevelopment facilities and developable land in the region."
"This site's location, size and approximate 18-month delivery time make it an opportunity for companies looking to expand their warehousing needs or for ones needing to relocate operations," says Omer Ahmed, vice president of acquisitions. "We expect to begin redevelopment this spring."
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