A massive two-building industrial complex in Passaic County has been sold by its original family owners for a whopping $25.5 million, TheRealDeal reports.
Toronto-based asset manager Brookfield closed on the deal to purchase Marino Plazas I and II on Kingsland Avenue in Clifton, which comprise a respective 57,000 and 68,000 square feet, the outlet reports citing familiar sources.
The deal is one of Brookfield’s several recent efforts to expand their Garden State presence, which now includes two dozen assets totaling 5.2 million square feet, the report says.
With a lease rate of about 90 percent, the complex is home to major retailers like Verizon and brings in an annual rent of nearly $1.5 million, according to the report.
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