Business & Investment

Trade in the historic New Jersey Industrial Park

I-80 Industrial Park. Image courtesy of Cushman & Wakefield

A new owner has emerged in a 331,000-square-foot industrial park in seven historic buildings in Paterson, NJ. The complex is the site of Wright Aeronautical Corporation and was once the largest aircraft engine plant in the United States. I changed my hand for the first time since 1949.

Read again: How Economic Health Activates CRE

The seller of the I-80 industrial park and the price paid were not disclosed, but the buyer of the 4.36 acre site was Joseph Smouha, president of Mynt Properties LLC, a private equity and real estate development organization based in Passaic, NJ. Was identified as. Mynt also owns 1.6 million square feet of Passaic Industrial Park. This is the site of the former Botany Mills Textile Mill and is another early 20th century industrial property now used for warehousing and distribution.

A Cushman & Wakefield Team David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein represented the sellers of this deal.

Bernhaut described the I-80 Industrial Park as a great investment opportunity for new owners and, in a prepared statement, noted that it is close to many of New Jersey’s major transport arteries. It is right next to Interstate Highway 80, 14 miles from Manhattan, 18 miles from Newark International Airport, and 23 miles from New York and New Jersey ports. Located in one of the most restricted markets in northern New Jersey, it is also the third largest industrial market in the United States.

Bernhaut added that the complex, which currently has 14 tenants paying rents well below market prices, is underpinned by strong market fundamentals driven by the thriving e-commerce and logistics sectors. I did. 239-241 Lindbergh Place, 122-128 Beckwith Ave. And the building at 128-140 Beck with Ave. Has heavy floor loads, large floorboards, and abundant power supplies.

Historical roots, uses

Formerly known as the largest aircraft engine manufacturing facility in the United States, development of the property began around 1916 and continued until around 1948. According to the city of Paterson, the Paterson Industrial Development Company began construction on-site in 1916. With roots in Wright Brothers, Orville and Wilbur, Corp. first moved from New Brunswick, NJ to Patterson in 1920. In 1926, Wright began manufacturing engines for military and home airplanes, which came to be used by prominent aviators like Charles. Lindbergh and Amelia Earhart. The light engine also played a major role in World War II as it powered aircraft such as the Enola Gay, which dropped an atomic bomb on Hiroshima in August 1945. After the war ended and demand began to recede, Wright closed the factory and began selling parcels. To the property. Information on the city’s website regarding the property The building was diverted It has been used by light industrial and commercial tenants for many years, yet retains a high degree of historical integrity.

Trade in the historic New Jersey Industrial Park Trade in the historic New Jersey Industrial Park

Back to top button