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80 Commerce Way
Hackensack, NJ
Prism's 2005 acquisition of the two-building complex at 60/80 Commerce Way, formerly home to Quest Diagnostics, required resolution of a complex set of title issues involving NJ State Tideland Claims. As a result, the industrial property was not immediately eligible for customary market financing. Prism purchased the asset with all cash despite these complexities, recognizing the inherent value in its excellent location just north of Riverside Square Mall - adjacent to the upscale Route 4 retail corridor.
The company redeveloped the interior and exterior of this two-building, 73,000-square-foot facility. The $1.5 million project included a new façade as well as infrastructure, mechanical and roof upgrades. Pinnacle Wireless, the two-way radio and wireless communications systems integrator, subsequently leased the entire, 30,000-square-foot 80 Commerce Way for its headquarters.
In Spring 2010, Prism sold 60 Commerce Way to a jewelry importer, which relocated its headquarters to the property. This strategic move falls in line with Prism's investment approach, which centers on purchasing quality assets, adding value and, in certain instances, creating an environment conducive to disposition.
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