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CLIFTON, NJ-Recycled Paperboard Inc. has an offer from an unidentified buyer for its 210,000-sf industrial facility here, but is looking to up the ante. The company, which makes chipboard and recycled-paper products, has hired the Great Neck, NY-based Keen Realty to improve upon the existing offer.

“The property is currently under contract for $3.5 million, subject to higher and better offers,” says Mike Matlat, Keen Realty’s vice president. The standing offer factors out to $16.67 per sf. The seller has been operating under Chapter 11 since this past November and is looking to shed the asset as part of its restructuring. For its part, Keen has a reputation for specializing in selling excess assets and restructuring real estate portfolios.

The building itself consists of one- and three-story components on a site of just over 5.5 acres in a land-constrained industrial market. It includes a 6,000-sf built-out office component and 204,000 sf of warehouse and production space. Ceiling heights in the latter portion of the building reach as high as 35 feet.

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