Bat Factory Property to Be Redeveloped as Multifamily, Continuing Market Resurgence
KEARNY, N.J., November 27, 2018 – A six-acre former industrial site in Kearny will be recreated as multifamily following its sale to Russo Development, announced Cushman & Wakefield. The commercial real estate services firm represented the seller, a family estate, and procured the buyer in the transaction; both entities are long-time clients of Cushman & Wakefield’s New Jersey and New York investment sales teams.
Russo will redevelop the “Bat Factory” property – which has sat fallow for more than three decades – as the second phase of its Vermella West project. “The Russo team performed flawlessly, putting forth an entrepreneurial approach to working with the seller in this transaction that closed without full development approvals in place,” noted Cushman & Wakefield’s Brian Whitmer, who headed the assignment with investment sales specialists Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd.
The sale of the parcel at 60 Passaic Ave. represents the second recent trade orchestrated by Cushman & Wakefield in that neighborhood. Earlier this year, the New Jersey investment sale team brokered the sale of a nearby BJs-anchored retail center. Whitmer added that other recent trades in the immediate marketplace reflect its revitalization and overall appeal.
“We are seeing a notable amount of institutional investment coming into Kearny, and we are pleased to be part of the Passaic Avenue corridor resurgence,” Shapiro said. “The redevelopment of the Bat Factory property will further enhance the area’s growing reputation as a preferred live/play destination.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey investment sales team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $27 billion worth of transactions since 2000, closing over $2.2 billion in sales in 2017.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.