NAI James E. Hanson Arranges Sale of 16,500-Square-Foot Office Building in River Edge, N.J. in Exclusive Listing
River Edge, N.J. (October 3, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces they have negotiated the sale of a 16,500-square-foot two-story office building located at 10 Elizabeth Street in River Edge, N.J. NAI Hanson’s Andrew Somple and Anthony Cassano represented the owner, Crestview Associates, LLC, in the sale to NJCF Property, LLC.
The property is located in close proximity to the River Edge train station as well as Routes 4 and 17. With the desire to focus solely on their medical testing business instead of the additional rigors of being a landlord, the property had been made available by the seller for purchase for almost five years with several different brokers. “Unable to secure a suitable buyer, Crestview Associates, LLC then engaged us to sell the property utilizing our marketing strategies, which included a sale-leaseback to allow Crestview Associates, LLC to continue to occupy 3,000 square feet of space and remain at its current location”, according to Somple.
The new buyer, NJCF Property, LLC, is a check cashing service based in Chicago, Ill. that was leasing space in Englewood Cliffs, N.J. and was searching for a quality property to purchase. NCF Property, LLC will embark on a series of renovations to bring the building, which was constructed in 1983 up to modern standards.
“The sale of 10 Elizabeth Street exemplifies the importance in selecting a broker who understands the local marketplace and has substantial experience in marketing office buildings in order to quickly complete a sale,” said Cassano. “Our experience in the Bergen County office market and our knowledge of prevailing market conditions makes us uniquely suited among our peers for these types of deals. Although this building had been on the market for a number of years prior, we were able to generate new interest in the property and negotiate a deal that enabled Crestview Associates, LLC to continue to occupy the space while securing a premium price for their asset.”
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