PavXpress - 24 Andrews Due Diligence Package

PavXpress · Comparable Terminal & IOS Properties

Property List & Location Map

Click any numbered pin to zoom to the rooftop in aerial view. Use Reset View to return to the full map.

Map ID▲▼	Status▲▼	Address▲▼	City▲▼	County▲▼	RBA▲▼	Available SF▲▼	Space Type▲▼	Doors▲▼	Acres▲▼	Owner Name▲▼
1	Inventory	35 Troy Ln	Lincoln Park	Morris	5,298	—	—	—	3.6	J.P. Morgan Chase & Co.
2	Available	73 Green Pond Rd	Rockaway	Morris	10,200	10,200	Direct	—	3.7	Rockaway Enterprises
3	Inventory	101 Commerce Way	Hackensack	Bergen	7,000	—	—	—	2	Private
4	Inventory	25 Demarest Dr	Wayne	Passaic	21,100	—	—	—	5.14	Salomone Brothers Construction
5	Available	111 Maltese Dr	Totowa	Passaic	30,959	30,959	Direct	26	4.6	NW1 Partners US LLC
6	Available	24 Andrews Dr	Woodland Park	Passaic	27,326	25,783	Direct	44	4.7	Private
7	Inventory	246 S Salem St	Randolph	Morris	18,729	—	—	—	3.43	Nicholas DelGuidice
8	Inventory	8 Eastmans Rd	Parsippany	Morris	11,040	—	—	—	3	Hercules Forwarding
9	Inventory	280 Moonachie Ave	Moonachie	Bergen	60,000	—	—	—	4.9	TForce Freight
10	Available	130 Moonachie Ave	Carlstadt	Bergen	49,396	11,330	Sublease	6	4.58	LaSalle Investment Management
11	Inventory	499-515 River Rd	Clifton	Passaic	55,000	—	—	—	3.98	STRO Companies
12	Inventory	100 Kero Rd	Carlstadt	Bergen	16,608	—	—	—	3.8	Terreno Realty
13	Inventory	50 Kero Rd	Carlstadt	Bergen	30,550	—	—	—	4	Terreno Realty
14	Inventory	248 Paterson Plank Rd	Carlstadt	Bergen	31,415	—	—	—	5.23	Terreno Realty
15	Available	2 Avenue A	Carlstadt	Bergen	7,225	6,686	Direct	27	2.61	Terreno Realty
16	Inventory	3 Avenue A	Carlstadt	Bergen	10,000	—	—	—	2.36	Terreno Realty
17	Inventory	256 Paterson Plank Rd	Carlstadt	Bergen	16,159	—	—	—	4.2	Terreno Realty
18	Inventory	2 Jerome Ave	Lyndhurst	Bergen	45,000	—	—	—	3	Rose Realty Hldg Llc
19	Inventory	1125 Paterson Plank Rd	Secaucus	Hudson	24,242	—	—	—	3.47	Universal Logistics Holdings
20	Available	550 Secaucus Rd	Secaucus	Hudson	48,500	48,500	Direct	68	5.66	NRS
21	Inventory	2723 Tonnelle Ave	North Bergen	Hudson	13,000	—	—	—	2.8	Penske Truck Leasing
22	Inventory	1515 Jefferson St	Hoboken	Hudson	10,000	—	—	—	3	Academy Bus
23	Inventory	611 Tonnelle Ave	Jersey City	Hudson	18,500	—	—	—	4	Private
24	Available	330 Manhattan Ave	Jersey City	Hudson	60,000	60,000	Direct	54	3	Realterm
25	Inventory	50 Harrison Ave	Kearny	Hudson	10,000	—	—	—	4	Preston Trucking Co.
26	Inventory	160 Duffield Ave	Jersey City	Hudson	25,000	—	—	—	2.03	Old Dominion Freight Line
27	Inventory	55 Van Keuren Ave	Jersey City	Hudson	30,000	—	—	—	2.62	Old Dominion Freight Line
28	Inventory	125 James Ave	Jersey City	Hudson	14,000	—	—	—	2.17	Brookfield Property Group
29	Available	97 3rd St	South Kearny	Hudson	10,800	10,800	Direct	9	4.91	Terreno Realty
30	Inventory	286 Central Ave	Kearny	Hudson	16,500	—	—	—	2.83	Terreno Realty
31	Inventory	530 Duncan Ave	Jersey City	Hudson	19,400	—	—	—	4.13	Brookfield Property Group
32	Inventory	450 Duncan Ave	Jersey City	Hudson	7,000	—	—	—	2.12	Jay Dee Inc.
33	Inventory	418 Duncan Ave	Jersey City	Hudson	35,789	—	—	—	4.6	Jay Dee Inc.
34	Inventory	Hackensack Ave	Kearny	Hudson	26,100	—	—	—	5	Private
35	Available	85 Amity St	Jersey City	Hudson	56,596	56,596	Direct	39	5.85	Brookfield Property Group
36	Inventory	335 Delancy St	Newark	Essex	41,250	—	—	—	5.47	CenterPoint Properties
37	Inventory	State Route 440	Jersey City	Hudson	24,280	—	—	—	3.8	Private
38	Inventory	315 N 14th St	Kenilworth	Union	11,680	—	—	—	2.2	Neal Herstik
39	Available	228 North Ave E	Elizabeth	Union	31,601	31,601	Sublease	54	5.67	Terreno Realty
40	Inventory	704-742 York St	Elizabeth	Union	25,017	—	—	—	2.01	Wakefern Food Corp
41	Inventory	105 New Era Dr	South Plainfield	Middlesex	19,440	—	—	—	5.47	Norcross Properties Llc

Source: PavTerminal property list. Marker numbers on the map correspond to the Map ID column. Click a pin to switch to aerial view and zoom to that rooftop. Use Reset View to return to the full map.

Letter of Intent · Purchase Proposal

PavCorp Purchase Proposal (LOI)

Word · Noah Balanoff → Doug Struyk, Blueline Realty

Two entities

PavCorp is the purchasing entity and investor. It acquires and owns the property. PavXpress is the leasing and operational entity.

Original LOI (Word)

What this document isA non-binding LOI outlining the terms under which the buyer would acquire 24 Andrews Drive (±27,326 SF facility on ±4.7 ac) with a seller leaseback. Binding only upon a fully executed PSA.

Key terms

Purchase Price	$14,000,000
Earnest Money	$200,000 within 2 business days of PSA; refundable absent purchaser default
Seller Leaseback	120 months · 2.0 acres · $26,000/acre/mo NNN · 3.5% escalations
Investigation Period	60 days; Phase 1 + soil borings; terminable at sole discretion
Use Variance	Required to operate a trucking terminal, per the Borough.

Why it matters

Rent mismatch. LOI proposes $26,000/acre/mo; the PavCorp model runs $24,000/acre/mo. Reconcile before underwriting.
Use variance is confirmed required. Resolves the booklet's most decision-critical open item. The terminal use is NOT as-of-right and carries variance timeline risk.

Source: PavCorp / PavXpress Purchase Proposal LOI, Colliers International NJ LLC. Non-binding.

Acquisition & Cash Flow Model

PavCorp 24 Andrews Drive Financial Model

Excel · Land-lease / leaseback · 10-year projection

Original model (Excel)

What this document isAn Excel model (Acquisition + 10-Year Cash Flow tabs) evaluating the purchase as a landlord play. The site is leased 100% to two tenants: the Seller Leaseback on 2.0 acres and PavXpress on 2.7 acres, both at $24,000/acre/mo NNN. Financing folds a $3.0M DockZilla buildout into the acquisition.

Loan terms

Purchase Price	$14,000,000
DockZilla estimated cost	$3,000,000 (to discuss)
Loan-to-value	85%
Loan Amount	$14,450,000
Equity Required	$2,550,000
Interest Rate	7.00%
Amortization	25 years
Debt Service	$1,225,555 / yr · $102,130 / mo

Year 1 income & returns

Gross Rental Income	$1,498,600
Year 1 OpEx (NNN, reimbursed)	$145,000
Net Operating Income	$1,353,600
Cap Rate (NOI / $14.0M price)	9.67%
Year 1 Cash Flow after debt	$128,045
DSCR / Cash-on-Cash	1.10x / 5.02%

10-year trajectory (3.5% rent growth)

Cash Flow After Debt	Yr1 $128,045 → Yr5 $330,924 → Yr10 $627,691
Cumulative Cash Flow by Yr10	$3,662,852
DSCR / Cash-on-Cash by Yr10	1.51x / 24.62%

Why it matters

Rent basis differs from the LOI. Model runs both tenants at $24,000/acre/mo; the LOI proposes $26,000 for the leaseback. Reconcile before underwriting.
Day-one leverage is tight but positive. Year 1 DSCR of 1.10x and 5.02% cash-on-cash lean on future rent growth, not day-one cash flow. The return profile is back-loaded.
Building SF (27,326) exceeds the tax card (21,439) by ~5,900 SF. Confirm this is post-expansion, not an inconsistency.

Source: PavCorp_Acquisition_Model_nrb0722.xlsx. Returns are pre-tax, levered, driven by contracted rent growth.

Drawing DZS40899 · Preliminary

DockZilla Cross-Dock Layout

4-sheet PDF · Drawn by Olson · Bidding only

Original PDF (4 sheets)

What this document isA preliminary dock-equipment layout package from DockZilla Co., stamped “NOT FOR CONSTRUCTION, FOR BIDDING PURPOSES ONLY.” A conceptual package to solicit contractor pricing for converting/expanding the building into a cross-dock trucking terminal. It is design intent, not a buildable plan.

Two configurations shown

Phase 1, Section A-A	Single run: 216' × 32' platform, (18) 4'×7' levelers, ±6", 115V, integrated shelters + doors.
Phase 2, Section B-B	120' × 240' face, (37) levelers + a 30'×8' dock-to-ground ramp (16,000 lb), wrapping the footprint.
Platform spec (both)	Solid-deck, 16K-lb capacity, non-impact vehicle restraints, egress stairs.
Combined scale	Up to 55 dock positions vs. the 21,439 SF office/garage on the tax card.

Why it matters

Clearest evidence of intended use and scale. Bring it to the Zoning/Code Officer. It shows concretely what the buyer intends to build.
Triggers entitlements. Almost certainly a new/amended COO and site plan approval; may push into conditional-use or use-variance territory.
Reconcile the cost. The two phases differ substantially. Reconcile against the $3.0M DockZilla line in the PavCorp model.

Source: DockZilla Co. drawing DZS40899, Rev A. Confidential, property of DockZilla Co.

Master Due Diligence Booklet

24 Andrews Drive Due Diligence Records Booklet

19-page PDF · Block 122, Lot 3.01 · 4.70 acres · Woodland Park, NJ

Original PDF (19 pp)

What this document isThe master booklet for the deal. It pulls the municipal record for 24 Andrews Drive into one place and reads every finding against the buyer's plan: convert the existing 21,439 SF office/garage into a cross-dock truck terminal and expand it. The record itself is mostly still outstanding. The Borough said its zoning and building file is too large to copy and must be reviewed in person (973-345-8100 x240), so the booklet is really a roadmap of what's confirmed, what's missing, and what to nail down before committing.

Where each of the nine record categories stands

1. Variances (all types)	Outstanding. No records produced. A 1960 building on industrial land likely had bulk/parking variances that could cap the expansion
2. Building permit history	Outstanding. Watch for open, un-finaled permits that block new construction permits
3. Certificate of Occupancy	Outstanding. Need to confirm the certified use and whether a terminal fits it
4. Code violation history	Partial. Borough confirms no outstanding violations as of 7/15/26, but gave no historical record
5. Inspection reports (bldg/elec/plumb/fire)	Outstanding. Matters for retrofitting a 1960 building to modern dock/fire loads
6. Notices of violation / remediation	Partial. None open now, but a closed remediation order could still restrict excavation
7. Site plan approvals	Outstanding. Sets the approved footprint, parking, circulation, and stormwater capacity
8. Use variance / conditional use	Outstanding. The make-or-break item: is a terminal permitted, conditional, or variance-only?
9. Tax Assessor property card	Provided in full. The only complete item (see the OPRA & Tax Card tab).

Why it matters

The building is worth little. This is a land/site play. The tax card puts improvements at only ~18% of value. Underwrite the 4.7 acres and its utility, not the 1960 structure.
Whether a truck terminal is even allowed is unresolved. Item 8 is unanswered in the file, but the PavXpress LOI already confirms the Borough requires a use variance, so treat the terminal use as NOT as-of-right and price in the variance timeline and risk.
Expansion stacks a second approval on top. Added building area, trailer parking, and dock work will likely trigger a new site plan and possibly a fresh variance, separate from getting the terminal use approved in the first place.
One in-person file review closes most of the gaps. Categories 1 through 8 largely resolve at a single Code/Fire appointment (973-345-8100 x240). The OPRA response window runs to 7/23/26. Lock in the visit before then.

Summary of the 19-page due diligence booklet for 24 Andrews Drive, prepared by the Balanoff Industrial Team · Colliers. Download the full PDF for chapter-level detail.

Municipal Record · Tax Assessor Card

Property Record & Municipal Response

4-page PDF · Woodland Park · Tax + Fire Prevention

Original PDF (4 pp)

What this document isThe hard facts on the property from the Borough itself: the Tax Assessor's full property record card (ownership, size, age, assessed value, sale history) plus the Fire/Code department's one confirmation that there are no open violations today. This is the only part of the records request the Borough actually handed over. Everything else in the booklet still sits in the file awaiting an in-person review.

Tax card: key data points

Owner of Record	24 Andrews Dr Associates, LLC (Colts Neck, NJ)
Building / Year	Office/Garage, 21,439 SF, built 1960 (eff. 1954)
Acreage / Class	4.700 acres · 4A (Commercial)
Land / Improvement / Total (2026)	$2,255,000 / $493,000 / $2,748,000
Zoning Neighborhood / VCS	500 / A500
Prior Sales	$775,000 (2014) → $1,480,000 (2015)

Why it matters

Land-dominated value. Improvements are ~18% of total. The 1960 building is functionally obsolete relative to the land.
Baseline, not history. “No outstanding violations” is a present-tense snapshot, not a historical enforcement record.
SF discrepancy. Tax card shows 21,439 SF; the model uses 27,326 SF. Reconcile against the expansion.

Source: Borough of Woodland Park OPRA Request 26-172 (Tax / Fire Prevention).

Woodland Park Code · WO4046-022b

Schedule of Permitted Uses, AIR Zone

1-page PDF · § 22 Attachment 2 · Supp. 6, Mar 2026

Original PDF (1 p)

What this document isThe zoning ordinance's use schedule for the Adaptive Industrial Reuse (AIR) Zone, listing what is permitted by right, what is allowed only as a conditional use, and what counts as an accessory use. Note: the tax card lists the zoning neighborhood as “500 / A500,” so confirm at the file review that AIR is the actual district governing the site.

Permitted uses (by right)

Industrial	Light industrial and manufacturing within a fully enclosed building
Warehousing	Allowed, except storage of highly combustible or explosive matter or anything deleterious to public health, safety, and welfare
Offices & workshops	Business and professional offices; craftsman workshops (showroom capped at 10% of the use); art galleries and studios
Service & retail	Auto detailing; commercial laundries; dog and cat grooming; spas and fitness facilities; food co-ops and indoor farmers' markets
Recreation	Karate, gymnastics, sports and dance training, indoor fields; skating rinks
Storage	Self-storage

Conditional uses (see § 22-24)

Assembly	Houses of worship; veterans and civic clubs
Automotive	Repair automotive uses
Utility	Satellite antenna

Accessory uses

Parking & loading	Off-street parking and loading facilities
Signage	Signs
Enclosed storage	Accessory storage within a fully enclosed permanent structure, for materials, goods, and supplies meant for sale or consumption on the premises
Site features	Cafes; fences and walls; solar panels
Catch-all	Other customary accessory uses and buildings clearly incidental to the permitted principal uses

Why it matters

No express “truck terminal” use in any column. Warehousing is permitted by right, but a cross-dock freight terminal is not named as permitted, conditional, or accessory anywhere in the schedule.
“Fully enclosed building” language is the sticking point. Both the industrial use and the accessory storage use require a fully enclosed structure, which cuts against an open-yard trailer or cross-dock operation. Raise this directly with the Zoning Officer.
Loading is only an accessory use, not a principal one. Off-street parking and loading appears as an accessory use, meaning it is meant to support a permitted principal use on the site, not to be the main operation. That is another reason a standalone terminal likely needs a variance. Conditional uses are governed by § 22-24; request that section at the file review.

Source: Woodland Park Code, § 22 Attachment 2:6, Supp 6, Mar 2026 (WO4046-022b).

Balanoff Industrial Team · Colliers

Contact the team

Noah Balanoff, CCIM

Vice Chair | Balanoff Industrial Team

Logistics & Transportation Group (Steering Committee Member)

Noah.Balanoff@colliers.comDirect: +1 973 299 3023Mobile: +1 917 757 5148

20 Waterview Boulevard, Suite 310 | Parsippany, NJ 07054

Michael Canosa

Associate | Balanoff Industrial Team

michael.canosa@colliers.comMobile: +1 862 208 9968

20 Waterview Boulevard, Suite 310 | Parsippany, NJ 07054