Industrial Deals Total $10M

PARSIPPANY, NJ-The region’s industrial sector is active as evidenced by four recent deals—two sales and two leases. Together, they have an aggregate value of $10 million.

A trio of brokers from Colliers Houston & Co.’s local office has completed the transactions. “The regional industrial real estate market is very active,” says Howard Weinberg, Colliers Houston SVP who with associates Matthew Turse and Austin Godfrey arranged the separate transactions. “There is an increased demand for leasing and a big appetite for buying properties.”

The trio teamed up to represent seller Dean-Mark Corp. in the disposition of the 55,250-sf industrial building on four acres at 90 Newark-Pompton Turnpike in Wayne, NJ. Buyer Green Point LLC, a real estate holding company, will use about 25% of the structure for offices and storage, and is offering the rest of the space for lease. The building was previously occupied by Greenways Inc., a manufacturer of plastic film for packaging, which moved to New York State.

In the other sale transaction, the Colliers Houston brokers acted for Lotus Land Development Corp. in the disposition of the six-acre Drakestown Self-Storage property in Washington Twp. (Morris County), NJ. The buyer, who was not identified, plans to expand the existing 27,000-sf building to 50,000 sf, according to Turse.

As far as the two lease transactions, Bohren’s Moving and Storage has taken the entire 85,100-sf 150 Lackawanna Ave. within Fox Hill Industrial Park here. The three Colliers Houston brokers represented the owner, FAO Realty, while Ronald Mahr of Weichert Commercial, Morris Plains, represented Bohren’s.

And O’Sullivan Menu Publishing Inc. has leased the entire 34,000-sf office/manufacturing building at 1 Fairfield Crescent in West Caldwell, NJ. The tenant designs and produces menus for the airline industry. Colliers Houston represented the owner, the Codiroli Family Partnership.