11 KSF Office Sells in Northern NJ

The building, located near train service and highways, will be partially occupied by the new owner. The remaining space is being marketed to both office and retail tenants.
The Plaza at Mountain Lakes
The Plaza at Mountain Lakes

NAI James E. Hanson has brokered the sale of an office property in Mountain Lakes, N.J.  The buyer, Giovanna Levato, will occupy a small portion of the building and lease the remainder. The Law Offices of Antonietta Milell represented the buyer and the NAI team led by Andrew Kirshenbaum and Barry Meyer represented the seller.

Located at 60 Midvale Road, the two-story building was constructed in 1968. The property is a three-minute walk from the Mountain Lakes station on the Montclair-Boonton train line. Entrances to both Interstate 287 and US Highway 46 are within two miles of property.

Known as The Plaza at Mountain Lakes, the property offers some 11,000 square feet for retail or office use. Commercial space is currently being marketed by Ryan Dougherty of RE/MAX New Jersey. Previously, a dental practice had occupied most of the building.

 “The buyer recognized an opportunity to own a well-located investment, while also being able to occupy a small unit for their business. Historically low interest rates and sustained demand for well-located commercial buildings throughout northern New Jersey create the perfect opportunity for investors and users looking to purchase assets,”  Kirshenbaum said in a prepared statement. “Because of this, we focused early in our marketing process to position the building towards these types of opportunistic investors.”

NAI James E. Hanson also recently brokered the sale of a medical office suite in Hackensack, N.J.

Image courtesy of NAI James E. Hanson