NAI Hanson Facilitates Sale of 23,000-SF Retail Building in Springfield, N.J.
SPRINGFIELD, N.J. (May 12, 2014)— NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced that it facilitated the multi-million-dollar sale of a 23,000-square-foot building known as The World of Tile building, located at 146-152 Route 22 West in Springfield, N.J.
NAI Hanson Senior Vice President Josh Levering, SIOR, and Director of Capital Markets Greg James represented the estate that sold the property.
“This was a relatively complicated transaction, as we represented the estate selling the property and needed to complete this assignment in a very short period of time.” Levering said. “It was essential that we worked very closely with the sellers and the attorneys representing and consulting the estate. In this case, we were engaged by the attorneys for the buyer.”
“The ability to fully understand the various needs of the sellers, as well as working closely with legal council on both sides was imperative. Additionally, we had responsibility to consult with financial and environmental experts, which was necessary for the successful conclusion of the deal.”
Based on location and the size of the property, the building and property have many potential options and possibilities. The buyer, Flintstone Realty, has yet to unveil its future plans for the property.
“Investments and redevelopments in the Route 22 corridor are some of the best in the state,” James said. “In this case, the low vacancy of space, lack of land and the excellent location were the keys. The overall area has incredibly strong demographics and is a prime location for a myriad of tenants. Financially, our models for valuations held true and were able to complete this assignment on time with the price, terms and conditions acceptable to both seller and buyer.”
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 400 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.