TOTOWA, NJ—DNG RE USA Corp. has acquired 31 Vreeland Ave. in Totowa, N.J. for just under $2 million in an all-cash deal. 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 property’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.