Cushman & Wakefield arranges sale of industrial asset in Rockaway.

Byline: Linda Lindner

Cushman & Wakefield announced it helped arrange the sale of a multi-tenant industrial asset in Rockaway.

Located at 114 Beach St., C&W's capital markets team orchestrated the deal in which Sholom Davidowits of Davco Group, a New York-based real estate investment company, purchased the more than 10-acre, six-building complex from The Silverman Group.

Totaling 170,000 square feet, 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies.

"This property benefits from stable cash flow and a diverse rent roll of long-term occupants," said Cushman & Wakefield's Andrew Schwartz, who represented the seller and procured the buyer with investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Jordan Sobel, with assistance from industrial market specialist Stephen Sander. "Demand for industrial product in Northern New Jersey is at historic highs, and this opportunity drew significant interest and...