TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of Totowa Commerce Center, a flex industrial park located at the interchange of Interstate 80 and Routes 46 and 23 in Totowa. Mack-Cali Realty sold the property to Heritage Capital Group for $65.5 million. Additionally, Cushman & Wakefield arranged $51.7 million in acquisition financing for the buyer. Natixis Real Estate Capital provided the 10-year, fixed-rate financing.
Totowa Commerce Center is a 13-building park totaling 508,028 square feet of flex and industrial space. At the time of sale, the park was 90 percent leased to approximately 48 tenants.
Andrew Merin, David Bernhault, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the deal. Cushman & Wakefield Equity, Debt and Structured Finance’s John Alascio, Sridhar Vankayala and Andre Hass arranged the acquisition financing for Heritage Capital Group.