Eleven-acre industrial site acquired in Elmwood Park
July 5, 2012
Prism Capital Partners LLC and The Davis Companies have teamed up to acquire 41 Slater Drive in Elmwood Park, a 180,000-square-foot industrial building, from an affiliate of paper products manufacturer Marcal, announced Prism Principals Eugene Diaz and Edwin Cohen. The all-cash transaction was brokered by Thomas Carragher of Studley.
Constructed in 1972 and situated on 11 acres at the intersection of I-80 and River Road, the property consists of 145,000 square feet of warehouse space and a 35,000-square-foot office component. The location provides visibility from I-80. ...
... "This is a very strategically located asset, and because Marcal is under a short-term leaseback, we are actively marketing the property," said Cohen. "Bio-Reference itself will be taking additional space in the near future – it is one of New Jersey's fastest growing companies, and its occupancy provides a solid base for the building's future."
"This transaction marks our first venture with The Davis Companies," said Diaz, noting that the Boston-based Davis and its affiliates own and manage a six million-square-foot real estate portfolio. "The acquisition of 41 Slater Drive provides the opportunity to create substantial additional value, and we will apply our creativity and deal-making experience to accomplish that." ...
Link to Article