Heritage Capital sells industrial park with 13 buildings, 507,000 sq. ft. in Totowa – Real Estate NJ

The Totowa Commerce Center spans 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way, 1 and 2 Center Court and 999 Riverview Drive in Totowa. — Courtesy: Cushman & Wakefield

By Joshua Burd

Heritage Capital Group LLC has sold a nearly 507,000-square-foot industrial park off Interstate 80 in Totowa, brokers with Cushman & Wakefield announced Thursday.

According to a press release, Longpoint Partners paid an undisclosed amount for the 13-building portfolio known as Totowa Commerce Center. The brokerage team noted that the park — which has 50 tenants in 12 divisible industrial buildings, an office building and 5.8 acres of development land — includes properties on Commerce Way, Center Court and Riverview Drive.

It also benefits from more than $2.8 million in recent renovations and hands-on management, as well as proximity to consumers, employees and business owners.

“The Totowa Mall represents a rare opportunity to acquire an infill industrial park of scale in northern New Jersey,” said Cushman’s Gary Gabriel, who served on the team representing the seller and acquiring the buyer. The group also included Kyle Schmidt, Ryan Larkin and Seth Zuidema.

The 506,723 square foot portfolio includes 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way, 1 and 2 Center Court and 999 Riverview Drive. C&W added that the site has 92 loading bays with headroom ranging from 21 to 23 feet and more than 1,400 parking spaces in total.

Tenants, meanwhile, are less than a mile from I-80 and have quick access to Routes 46 and 23. The site is also less than five miles from Route 3 and the Garden State Parkway.

“The success of the Totowa Commerce Center is illustrative of a highly efficient park that offers optionality to occupiers of all types and sizes,” said Schmidt. “Nothing comparable has been built in decades and Longpoint Partners will benefit from the park’s competitive advantages.”

Jeffrey Greenberg, director of Heritage Capital Group in Ridgewood, added, “We are very pleased to close this transaction with excellent execution by the buyer and the Cushman & Wakefield team. Totowa Commerce Center is a great park and we know the buyer will continue to be successful under their ownership.”