17-Acre Paterson Warehouse Site Trades for $65.5M
Paterson, New Jersey – A large industrial building, spanning 217-297 Getty Avenue in Paterson, New Jersey, has just been sold for $65.5 million. The structure was purchased by Thor Equities from the previous owner, Alma Realty Corp, in a deal brokered by Besen Partners.
Originally constructed in 1940, the massive single-story building presently contains warehousing space for several different companies.
Sitting on 16.6 acres, it totals 764,364± SF and features 32′ interior ceiling clearances, 12 loading docks, and several drive-in doors.
The structure may meet its fate soon, however, as last year, Thor Equities announced plans to demolish the current building in order to construct a $35 million, Amazon-style warehouse, in its place. The new building would be a little smaller than the current one but would feature 53 loading docks, and a large lot for trailer parking. This move would better position the development to handle distribution operations. The plans aren’t finalized just yet as they’ve faced some local opposition, but on a positive note, current zoning boundaries would not be impacted and the project would create up to 400 jobs if it does proceed.Read More