NAI Hanson Negotiates 1031 Exchange Sale of Two Fully-Leased Flex Buildings in Saddle Brook, N.J. in Exclusive Listing
Saddle Brook, N.J. (January 31, 2018) – NAI James E. Hanson announced it has brokered the sale of 431 Midland Avenue, a 10,200-square-foot industrial/flex building and 435 Midland Avenue, a 24,000-square-foot industrial/flex building in Saddle Brook, N.J. NAI James E. Hanson’s Anthony Cassano represented the seller and Kenneth Lundberg, and Patrick Lennon represented the buyer in the NAI James E. Hanson exclusive listing.
431 North Midland Avenue boasts 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space. Additionally, the building features 12’ ceilings and two overhead doors. 435 North Midland Avenue features 4,000 square feet of office space, two tailgate loading docks and 14’ ceilings.
The adjacent buildings are strategically located in the red-hot Bergen County industrial market with easy access to the Garden State Parkway, Interstate 80 and Routes 4, 17, 46 and 208. The buyer leveraged a 1031 exchange to purchase the two fully-leased and well-located buildings as a long-term investment opportunity.
“Amidst uncertainty in other investment sectors, commercial real estate, particularly in Bergen County, continues to provide unique flexibility to investors,” said Cassano. “Sellers have been able to attract a premium price for their assets if they feel the time is right for a sale while buyers looking for stable, long-term income streams are presented with a wide range of opportunities in buildings such as 431 and 435 Midland Avenue. Our substantial experience is this market allows us to successfully work with both buyers and sellers in deals like this to help them realize their individual commercial real estate investment goals.”
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