Jones Lang LaSalle

Last updated: October 23, 2007 11:03am

Hop Industries Buys 76,600-SF Building

By Eric Peterson

LYNDHURST, NJ-Hop Industries, a supplier of plastic film, sheeting and related products, has acquired the 76,600-sf building it had initially leased as part of a relocation from Garfield. The single-story building, consisting of warehouse, manufacturing and office space, is located at 1251 Valley Brook Ave.

The identity of the seller was not disclosed; the sale price was $8.8 million, or about $114 per sf. The building had at one time been fully occupied by a regional division of YKK USA Inc., which itself has relocated within the Northern New Jersey region.

And the building’s acquisition by Hop Industries was completed with the help of $6.8 million in permanent-debt financing arranged by James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook. The funding was provided by Principal Real Estate Investors, according to Gunning.

“Hop Industries will greatly benefit from this new location,” Gunning says. “It’s convenient to New York City, with access to the ports, as well as routes 3, 17 and 21 and the New Jersey Turnpike.

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