NAI Hanson Negotiates Lease to Bring Elmwood Park Industrial/Flex Building to Full Occupancy
Elmwood Park, N.J. (August 27, 2019) – NAI James E. Hanson announces it has negotiated a 27,600-square-foot industrial/flex lease with Best Value Kosher Foods at 475 Mola Boulevard in Elmwood Park, N.J. NAI James E. Hanson’s Jeff DeMagistris, SIOR, Tom Vetter, SIOR, and Tom Ryan represented the owner, The Stro Cos., and the tenant, Best Value Kosher Foods, in the NAI James E. Hanson exclusive listing. The deal marks the second lease that NAI James E. Hanson’s DeMagistris, Vetter, and Ryan have negotiated this year at the property on behalf of The Stro Cos.
475 Mola Boulevard is a 45,000-square-foot industrial/flex building with 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. The building features ideal accessibility minutes from Routes 4, 17, and 46 as well as the Garden State Parkway and Interstate 80, making it suitable for a wide range of prospective tenants.
Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center and Digirad Corporation operates another 5,000 square feet. NAI Hanson also negotiated the sale of the building to The Stro Cos. in 2018. The lease with Best Value Kosher Foods marks the completion of The Stro Cos. immediate stabilization strategy for the asset.
“Our experience in this hyper-competitive industrial market is a tremendous asset as it provides us with the knowledge and contacts to find suitable tenants for our clients’ buildings,” said DeMagistris. “We like to see ourselves as not just brokers but partners in our clients’ successful execution of their investment strategies. The successful acquisition and lease-up of 475 Mola Boulevard stand as a powerful testament to that focus in action.”
For more insights on this submarket and a deeper look at the northern New Jersey industrial market, please download NAI James E. Hanson’s Q2 2019 Northern and Central New Jersey Industrial Report, which highlights market trends and key data in the industrial asset class throughout the region. To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook (www.facebook.com/NAIHanson), Twitter (@NAI_Hanson), LinkedIn (www.linkedin.com/company/nai-james-e-hanson), and Instagram (@NAI_hanson).