ALLENDALE—Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the $15.85 million sale of 75 Commerce Drive, a 114,206-sq.-ft. high-tech/flex industrial facility within Allendale Corporate Center.
The seller was represented by the CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel in East Rutherford, and Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of the firm’s Edison office. The buyer was a joint venture between Loeb Partners Realty LLC led by Nick Rizzo, and Red Pine Capital Partners led by Michael K. Federman.
Constructed in 1998, 75 Commerce Drive is situated on nine acres off Route 17 in northern Bergen County, minutes from I-287 and the Garden State Parkway. The primarily single-story facility consists of 90,222 sq. ft. of office/lab space, including a 14,000-sq.-ft. second-story mezzanine and 23,984 sq. ft. of warehouse space.
At the time of sale, 75 Commerce Drive was fully leased to two tenants, including Aptuit, a provider of pharmaceutical development services, which occupies 70,632 sq. ft. including the mezzanine space. Energizer Holdings’ Playtex Division occupies the remaining 43,574 sq. ft., using the space as the R&D and testing facility for many of the division’s personal care products, including such brands as Playtex, Wet Ones, Banana Boat and Hawaiian Tropic.