NAI Hanson Announces Sale of Retail Site in Randolph, N.J.
NAI HANSON ANNOUNCES SALE OF RETAIL SITE IN RANDOLPH, N.J.
- 5,800 Square Feet of Space Available for Lease -
NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the sale of an 11,867-square-foot retail strip center at 81 Route 10 East in Randolph Township, N.J.
The one-story property is located on an approximately two-acre lot and was built in 2007. The strip center offers 5,800-square-feet for lease, divisible by two or four. Currently, the owner is negotiating with potential tenants for the available space. At the time of the sale, the building was 62 percent occupied.
NAI Hanson Senior Vice President John J. Schilp represented the seller, and Senior Vice President Thomas W. Ryan represented the buyer, Tycoon Realty. According to Schilp, the seller sold the center to downsize its portfolio of retail buildings. The buyer had a 1031 requirement.
The property is located in the Morris West/I-80 retail cluster on Route 10, which has a traffic count of 39,000 cars per day. Nearby retail stores and restaurants include Big Kmart, Staples, Subway, Gap, RadioShack, Pizza Hut and many others. Besides highway visibility and convenient location, the property also offers signage.
“The new tenants will benefit from a convenient location near many other stores in upscale Randolph,” Ryan said. “Located on Route 10, the high volume of customers in this retail cluster will find ample parking.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.
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