KEARNY, NJ-Marcotex International, a Passaic-based textile company, has acquired the 94,744-sf industrial building at 69-81 Sellers St. here in a deal arranged by brokers from NAI James E. Hanson and SBWE Real Estate. The seller was the Miller Warehouse Co., and the sale price of $5.9 million factors out to just more than $62 per sf.
The seller was represented in the transaction by Kenneth Lundberg of NAI Hanson, which has its HQ in Hackensack. The buyer was represented by Michael Evans and Jeffrey Fulton of the Hasbrouck Heights-based SBWE. The sale was part of a 1031 exchange and the building traded with a cap rate of 7.2%
Built in stages between 1965 and 1984, the building includes approximately 3,000 sf of office space. Situated on 3.5 acres near the New Jersey Turnpike, it features 16 loading docks and ceiling heights of from 16 to 23 feet. Marotex will occupy approximately 31,000 sf at the building, according to the brokers, while existing tenant Harold Distribution Inc. will remain in its more than 63,000 sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.