On December 8, 2022, a significant industrial property located at 122 8th Street in Passaic was sold for a staggering $60,000,000. This expansive asset spans approximately 740,520 square feet, resulting in an impressive price per square foot of $81. The sale transaction was facilitated by Ryan Milanaik of JLL, representing Joseph Smouha as the seller, and Brian Danahy of Stonemont Financial Group, who acted as the buyer. PCCP, represented by Ryan Dodge and Lia Barsanti, served as the capital partner in this transaction.

Summary of transaction details

• Property Type: Industrial
• Sale Price: $60,000,000
• Square Footage: 740,520
• Price per Square Foot: $81
• Market: Passaic

Notably, the buyer, Stonemont Financial Group, expressed its intention to utilize the property for the development of a Class A Industrial facility spanning 300,000 square feet. This addition is expected to contribute to the growth and development of the Passaic market.