Marcus: Passaic County Industrial Building Sells for $3.1 Million
By Joshua Burd
A private buyer has acquired a 35,000-square-foot industrial building in the Passaic County borough of Ringwood, brokers with Marcus & Millichap announced Monday.
According to the team, the property at 24 Executive Parkway traded for $3.1 million. Investment specialists Alan Cafiero, David Cafiero and John Moroz represented an undisclosed seller and secured the buyer, noting that the complex includes 5,000 square feet of office space.
Drug and cosmetics products maker Inopak Ltd. occupies the building.
“The property garnered significant interest from the marketplace with nine written offers,” Alan Cafiero said. “The deal eventually traded 10 percent above asking price.”