The Boston-based real estate firm made its first investment in industrial manufacturing in New Jersey by purchasing two properties in Paterson, it said Monday.
Markus Partners bought 75 Wood Road and 90 6th Etc. The city, with a total area of 194,000 square feet, is 100% leased to four companies.
“This investment provides an attractive combination of current cash flow with the opportunity to add value through property improvements,” said Bill McAvoy, CEO, in a prepared statement. “As we actively seek new investments on the East Coast, this is a great start for us in New Jersey.”
Markus said the purchase represents the intended start of a portfolio of Class A and B industrial assets in New Jersey, including existing and greenfield assets.
The deal was handled by Gregg Kelman of GK Realty.