An industrial redevelopment site recently sold for $17.5 million in Mahwah.
Located at 1000 MacArthur Boulevard, the property’s existing 60,000 square foot building is expected to be demolished soon. The construction of the replacement building, an approved 200,000 square foot, Class-A industrial building, will reportedly begin immediately afterward.
The seller, TD Bank, was represented by Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, and Zach McHale of CBRE’s Institutional Properties Group, in partnership with CBRE’s Matthew Saker and Patrick Cavanagh, in the transaction. The CBRE team also procured the buyer, a partnership of Russo Development and PGIM, with the acquisition being the first for the partnership.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “Russo separated themselves early on in this process and worked through a very challenging approval process. We are delighted to be a part of their first project with PGIM as we expect this will be the first of many deals together.”
“We appreciate the cooperation and involvement from CBRE and TD Bank as we worked towards obtaining the approvals needed for a successful closing. PGIM was a supportive partner throughout the process, and we look forward to collaborating with them on our first institutional joint venture in this Class A industrial development,” said Michael J. Pembroke, Chief Operating Officer, Russo Development.