NAI Hanson Brokers Northern NJ Flex Sale
- Dec 28, 2017
NAI James E. Hanson has brokered the sale of a 15,700-square-foot industrial flex property in Elmwood Park, N.J. The buyer, an LLC, purchased the property for $2.1 million, according to public records. The seller, R.N. Foster Associates, had originally acquired the property from Interstate Realty in early 2009, also for $2.1 million.
Located at 20 Bushes Lane, the property sits within half a mile of both Interstate 80 and the Garden State Parkway. The building is situated at the western edge of an industrial neighborhood, home to companies like UPS, Johnstone Supply and ProStock Automotive. A number of restaurants and residential properties are also situated nearby, including a senior living community directly across the street that opened in 2016.
The building was constructed in 1963 and the previous owner completed extensive renovations in 2015, upgrading the roof, mechanical systems and utilities. The property features two truck well loading docks equipped with levelers and 16 parking spaces. The new owner has a tenant lined up, who will manufacture valves and regulators at the building.
“It is an ideal acquisition for the buyer because the new occupant is relocating from their existing facility in nearby Garfield and this building had many of the features that were required,” said Andrew Somple, senior vice president with NAI Hanson, in a prepared statement.
NAI Hanson’s Joshua Levering and Nicholas DePaolera represented the seller in the transaction, with Somple representing the buyer. The firm recently also brokered the sale of a medical office unit four miles to the east in Hackensack.
Image courtesy of NAI James E. Hanson