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60/80 Commerce Way
Hackensack, NJ
Prism's 2005 acquisition of 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.
60/80 Commerce Way has as-of-right zoning for 20 percent of the space to be used for retail sales, and it includes abundant parking.
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