Totowa, N.J. (July 28, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 119,592-square-foot industrial building at 922 Riverview Drive in Totowa, N.J. NAI James E. Hanson’s Scott Perkins, SIOR, and Christopher Todd represented the seller, 922 Riverview Drive Associates, in the transaction. McBride Corporate Real Estate represented the buyer, Innovative Cosmetic Concepts.
922 Riverview Drive’s over 78,000 square feet of ground-floor warehouse space, 17,000 square feet of office space, and 24,000 square feet of temperature-controlled, vaulted warehouse space makes it one of the most flexible warehouse properties on the local market. Additionally, the property’s 20’6”-25” ceiling heights, three tailgates with the option to expand to seven total, and 120 surface parking spaces, further enhance the property’s flexibility and adaptability to a wide range of uses. Situated less than two miles from the intersection of Routes 23 and 46 and Interstate 80, 922 Riverview Drive’s combination of flexibility and accessibility created a rare acquisition opportunity in the current northern New Jersey industrial market.
The deal marks the second closed deal in the area for the team of Perkins and Todd over the last year. Late last year, Perkins and Todd negotiated the sale of 200 Maltese Drive, a 208,000-square-foot industrial building located less than a mile away. At the time, the owners of 922 Riverview Drive were not interested in selling their property. However, their business needs changed, and they looked to relocate their company to Long Island. Recognizing Perkins and Todd’s success in closing the transaction at 200 Maltese, the owners of 922 Riverview Drive tapped the team to procure a buyer for their property.
922 Riverview Drive’s new owner, Innovative Cosmetic Concepts, is a fast-growing global manufacturer and distributor of high-quality cosmetic and personal care products. Through their network of partners in North America, Europe, Asia, and Latin America, the company’s unique products are marketed and distributed around the world. 922 Riverview Drive will be the company’s second location, providing the firm with expanded distribution and warehousing capabilities to meet the needs of their rapidly growing customer base.
“Despite COVID-19 and the broader economic slowdown, the northern New Jersey industrial market continues to be one of the most competitive in the nation,” said Perkins. “In such a robust and crowded market, it is important for sellers to select representation with a long track record of success in closing similar deals in the submarket. As seen in this transaction, our deep experience in this area coupled with our understanding of local economic conditions provides us with the tools to help our clients realize full value for their assets in any market conditions.”