Cushman & Wakefield Orchestrates $16.5 Million Industrial Sale

Top Quote Terreno Acquires 208,000-Sq.-Ft. Totowa, N.J., Property from High Street Equity Advisors. End Quote
  • Newark, NJ (1888PressRelease) September 29, 2010 - Commercial real estate services firm Cushman & Wakefield Inc.'s Metropolitan Area Capital Markets Group has orchestrated the $16.5 million sale of 200 Maltese Drive, a 208,000-square-foot warehouse/light manufacturing/distribution property in Totowa. The asset traded between seller High Street Equity Advisors and buyer Terreno Realty Corporation of San Francisco (NYSE: TRNO).

    Located just off Route 46, 200 Maltese Drive is fully leased to Precision Custom Coatings, a leading producer and supplier of non-woven and knitted fusible interlinings. The 34-year-old building serves as the company's production and distribution facility and headquarters; it includes 21,000 square feet of office space.

    According to Cushman & Wakefield's Gary Gabriel, the sale of 200 Maltese Drive represents the largest Passaic County commercial property transaction so far in 2010. It also is one of the largest year-to-date industrial property trades statewide. Gabriel and Paul Torosian headed the assignment with team members Andrew Merin and David Bernhaut.

    "Industrial sales activity is beginning to regain momentum," Gabriel said. "Many private and institutional investors are sitting on capital and ready to spend it, although supply is still lagging far behind demand. This transaction is the beginning of what is a growing trend towards owners of industrial property entering the sales market."

    The Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $13.8 billion worth of transactions since 2000. Merin and Bernhaut, who co-founded and head the Metropolitan Area Capital Markets Group, also oversee eastern regional activities for a new Cushman & Wakefield group that advises clients on corporate property dispositions throughout the United States.

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