6B — October 14 - 27, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Including two buildings totaling 43,530 s/f and an adjacent vacant lot NAI Hanson brokers sale of three Broadway properties in Paterson
ATERSON, NJ — NAI James E. Hanson , a New Jersey-based full-service independent com- mercial real estate firm, an- nounced the sale of three properties that sit on 1.66 acres on Broadway in Pat- erson. NAI Hanson’s Louis Tapia represented the buyer, Paramount Assets. NAI Han- son’s Kenneth Lundberg, SIOR , Patrick Lennon , Darren Lizzack and Randy Horning represented the seller, Looman Associates. The properties consist of a three-story, 32,277 s/f of- fice building located at 370 P
Broadway, an 11,253 s/f, single-story building located at 362 Broadway and an adjacent vacant lot located at 386 Broadway, prime for redevelopment. The build- ing located at 370 Broadway sits on 1.43-acres and boasts 34’x28’ column spacing as well as a complete wet sprin- kler system. The site is the former Department of Labor Complex. The single-story office building located at 362 Broadway sits on .5-acres. “This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability
to maximize a property in a unique submarket,” said Lundberg. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the prop- erties for both the landholder and the community.” 362-386 Broadway is con- venient to Rte. 80 as well as Routes 46, 19 and 208. The property is located only 30-minutes from New York City and Newark Interna- tional Airport. ELMWOOD PARK, NJ — NAI James E. Hanson an- nounced the brokered sale of a three-story, 13,740 s/f medical office building located at 97 Linden Ave. in Elmwood Park, NJ. NAI Hanson’s Darren Lizzack and Randy Horning represented the seller, Brook Development, LLC, and the private buyer in the transac- tion. The buyer currently occupies the entire first floor of the two-story building and will seek another healthcare provider to lease the available 5,000 s/f of contiguous top floor space. 97 Linden Ave. is located directly off Rte.-80, providing sign visibility to over 135,000 cars daily. The northern New Jersey location provides quick access to the Garden State Parkway, the New Jersey Turnpike, Routes 17, 21 and 46. Built in 2002, the building features elevators and covered parking to accommodate pa- tients. Additionally, the build- ing is located just miles from St. Joseph’s Regional Medical Center. “We have handled leasing at this property for a long time and when the seller sought to relieve the asset, the buyer saw a key investment oppor- tunity,” said Lizzack. “We ap- preciate the seller’s confidence in our team to find a qualified buyer in today’s competitive medical office market.” “The commercial sales mar- ket continues to show signs of strength, mainly due to a low interest rate environment coupled with a limited supply of alternative investments in the market,” said Horning. “There was significant inter- est in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction.” n
370 Broadway
FRANKLIN TWP. NJ
ROUTE 287 - EXIT 12
99 , 636 SF E-Commerce Fulfillment Center
Expandable to 129,000 SF
Includes 29,962 SF Offices 732-287-4880
FIBER OPTIC DATA ON-SITE HEAVY POWER (1200 Amps)
BACK-UP GENERATOR
8 Tailboard Doors NEW ROOF 181 Car Parking
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