Longpoint buys Passaic County warehouses for $18.5M

After a pair of large acquisitions in Los Angeles and South Florida, Longpoint Realty Partners is further cementing its holdings in North Jersey’s hot industrial market.

The Boston-based private equity firm bought a pair of warehouses that combine for just under 100,000 square feet in Clifton, New Jersey, from Kessler-Schwartz Associates for $18.5 million, records show.

Lee & Associates New Jersey’s Josh Krantz brokered the off-market deal. The three-acre site at 31 and 35 Styertowne Road in the Passaic County town is less than two miles from the Route 3 and Garden State Parkway interchange and about 12 miles west of Manhattan.

H Global Commerce, a California-based supplier of commercial glass products, recently leased a 28,700-square-foot unit in the property — its first location on the East Coast, according to Lee & Associates, whose Michael Schiable and Tony Wisse brokered that deal.

Boasting close proximity to New York City and access to multiple busy ports and highways, Northern New Jersey is one of the tightest industrial markets in the country. Vacancies hit a record low of 2.4 percent in the second quarter, according to Savills, while the average asking rent jumped to $14.43 per square foot, up 47 percent from the same period last year.

Last week, Joe Sitt’s Thor Equities paid $52 million for a 300,000-square-foot industrial property about two miles up the road in Passaic.

Longpoint owns at least four other industrial complexes in the region, according to its website, including a nearly 200,000-square-foot facility in Perth Amboy it acquired in a sale-leaseback deal in late 2020.

More recently, the firm has been buying up industrial and retail assets in South Florida and Southern California. Last month, Longpoint acquired a two-building, 136,000-square-foot shopping center in Hialeah, Florida, for $43.2 million and a six-acre development site near Miami International Airport for $16 million.

In May, Longpoint bought a four-building, 850,000-square-foot industrial complex in Los Angeles’ San Fernando Valley for $80 million.

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