Massey Knakal Sells Commercial Building In New Jersey
Massey Knakal has sold a commercial building located at 8-10 Lexington Avenue, in Passaic New Jersey. The building sold in a transaction valued at $1,800,000.
The subject property is a four-story, 15,000 gross square foot building located on the east side of Lexington Avenue, between Jefferson Street and Madison Street. The ground and second floor are NNN leased to a single tenant until December 2018, while the upper floors are currently available. Situated within the main retail corridor of Passaic, New Jersey and approximately 12 miles north of midtown Manhattan, the building also benefits from high pedestrian and street traffic given its close proximity to St. Mary’s Hospital and Passaic High School.
“The demand for investment properties of this type in New Jersey continues to be very strong,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Kobi Leifer.
This property was part of the 28 building, $250 million, Century Portfolio which Mr. Knakal has been disposing of over the past several months.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.