Jones Lang LaSalle

Dornoch Buys 60,000-SF Industrial Building for $3M
By Eric Peterson
Last updated: December 5, 2005 10:05am

(To read more on the industrial market, click here.)
PATERSON, NJ-Dornoch Jasper LLC, an affiliate of the Morristown, NJ-based Dornoch Holdings, has acquired the 60,000-sf commercial warehouse at 2 Jasper St. here. The sale price of $3 million factors out to $50 per sf for the fully leased building. The identity of the seller was not disclosed. Built in 1987, the facility overlooks this city’s Great Falls.

“Currently, we are leasing the space to a bedding manufacturer, which relocated from a smaller facility in Paterson,” says Frank Macios, who, with Glen Fishman, co-founded Dornoch Holdings in late 2004. “We are also in contract to purchase the adjacent parcel at 1 Jasper St., and we are awaiting environmental clearance to close.”

Both properties are within this city’s Great Falls Historic District, for which another affiliate of the firm, Dornoch Paterson LLC, has a mixed-use development proposal on the table. According to Macios, Dornoch Paterson’s phased project calls for nearly 1,000 residential units, 60,000 sf of retail space and an 83,000-sf hotel/conference center.

And as reported by GlobeSt.com, yet another affiliate, Dornoch Ellison LLC, earlier this year bought a piece of vacant property at 75-81 Ellison St. from the City of Paterson. That site is currently being redeveloped as a public access Cablevision studio that includes a computer resource center and some 8,000 sf of ground-floor retail.