Cushman & Wakefield Secures MaxLite's Purchase

Cushman & Wakefield, Inc. has arranged the acquisition of 12 York Ave., a 52,204-square-foot warehouse/distribution and office building in West Caldwell, by MaxLite Inc., a distributor of energy-efficient products that will utilize the facility as its new headquarters.

West Caldwell's Planning Board unanimously voted in favor of MaxLite moving to the location during a July meeting.

Noah Balanoff and Stephen Elman, of Cushman & Wakefield, represented the buyer in the sale, while the seller, Triple W Realty Associates, LLC, was represented in-house.

Formerly occupied by a major paper products distributor on a leased basis, 12 York Ave., consists of 46,534 square feet, including 2,530 square feet of offices, on the ground floor and an additional 5,670 square feet of office space on a mezzanine level. Buyer MaxLite provides energy-efficient lighting products for distributors and lighting showrooms, and for indoor and outdoor consumer use.

"This was an off-market transaction," Balanoff, associate director of Cushman & Wakefield's Global Supply Chain Solutions Group, said in a released statement. "MaxLite's business has been doing very well and they have been looking for a building to purchase to replace their leased facility in Fairfield. This new-owned corporate headquarters facility will serve to support the company's growth.

"When we learned that the building's tenant was moving out, we presented MaxLite to the ownership as a potential buyer and worked out the terms," Balanoff said. "We were able to close the sale simultaneous to when MaxLite's lease expired, so the timing was perfect."

Located just off Passaic Avenue near Route 46, MaxLite's new headquarters is situated on a four-acre site near the Essex County Airport.