TOTOWA, NJ—DNG RE USA Corp. has acquired 31 Vreeland Ave. in Totowa, N.J. for just under $2 million in an all-cash. The property is a 27,120-sq.-ft., bank-owned building, which the new ownership plans to use as a distribution site and possibly for manufacturing.
NAI James E. Hanson Russell J. Verducci, sales associate, represented the seller, Boiling Springs Savings Bank, in the transaction.
“The’s high ceiling height was a driver of the sale, and the new owners plan to install bulk silos,” Verducci said. “The building is located in a great suburban market. Food companies have been actively seeking space, and many are interested in modern buildings, which are few and far between.”
Built in 2008 and zoned class-B, the property is located within close proximity to routes 46, 23 and 3. Situated on 1.35-acres, the property contains 21,000 sq. ft. on its ground floor and 6,000 sq. ft. on the mezzanine level.