13-building Passaic County industrial park has new owner

Totowa Commerce Center has 13 buildings, a nearly 6-acre development site and a new owner.

Cushman & Wakefield said June 20 it arranged the sale of the 506,723-square-foot multi-tenant industrial park situated within the Fairfield/Passaic industrial market. The firm represented the seller, Heritage Capital , and procured the buyer, Longpoint Partners . Financial terms were not disclosed.

The CushWake Industrial Advisory Group consisted of Executive Vice Chair Gary Gabriel, Executive Managing Director Kyle Schmidt, Managing Director Ryan Larkin and Associate Director Seth Zuidema.

Heritage Capital purchased the property from Mack-Cali Realty Corp. for $65.5 million in 2017. Gabriel and Schmidt were also involved in that sale.

The industrial park recently received more than $2.8 million in capital improvements, according to Cushman & Wakefield. Additional benefits include "hands-on management" as well as proximity to consumers, employees and businesses.

Totowa Commerce Center is located at:

• 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way;



• 1 and 2 Center Court; and



• 999 Riverview Drive.

 

More than 50 tenants occupy 12 divisible industrial buildings at the property, according to CushWake. The firm said the site also includes one office building.

Totowa Commerce Park offers 92 loading positions, clear heights from 21 feet to 23 feet, and more than 1,400 parking spaces. It is strategically located with immediate access to Interstate 80 along with Routes 46 and 23. It is less than 5 miles to Route 3 and the Garden State Parkway.

Gabriel said the property offered a "rare opportunity" to acquire an infill industrial park of scale in North Jersey.

As the demand for big box space continues to temper following a burst of activity in recent years, adaptable properties with diverse rosters are gaining new attention . That space is limited, however.According to 2024 CoStar data, industrial properties with less than 25,000 square feet represent 29% of existing U.S. industrial space. Yet in 2024, less than 2% of square feet under construction fit that description.

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

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