X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

MAHWAH, NJ-Ivy Realty Fund I LP has acquired the 108,000-sf flex building located at 211 Island Rd. here, GlobeSt.com has learned. The purchase price of $6.6 million factors out to just over $61 per sf. The pick-up takes the Montvale-based Ivy Realty’s holdings within Mahwah Business Park to approximately 510,000 sf.

“The acquisition of this property is in keeping with our investment strategy of acquiring properties that have a strong long-term potential for upside growth,” says David Archibald Ivy’s senior investment officer. In this case, the upside growth is that the seller, Bennett Brothers, will be vacating the property shortly. Bennett Brothers is a Chicago-based fulfillment and marketing incentives company that has been using the building as its eastern distribution center.

The seller’s impending departure will leave Sony Corp., which uses the property as a warehouse, as the building’s remaining tenant. The space being vacated “offers tenants the ability to lease space for either office or warehouse use,” Archibald says.

The acquisition also follows the announcement, last week, that Ivy had refinanced its holdings within Mahwah Business Park. As reported by GlobeSt.com, Ivy refinanced those holdings to the tune of $20 million “to convert a floating-rate loan to fixed at an attractive rate,” according to Archibald. In that refinancing, Holliday Fenoglio Fowler was the broker and Aetna was the lender.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.