NAI James E. Hanson Negotiates Sale of Former Office Building in Montvale, N.J.
Montvale, N.J. (October 11, 2018) – NAI James E. Hanson has negotiated the sale of a 14,000-square-foot office building at 50 Craig Road in Montvale, N.J. NAI Hanson’s John J. Schilp represented the seller, Premier Associates, LLC, in the NAI James E. Hanson exclusive transaction.
Situated on 3.8 acres with ample parking and close proximity to the Garden State Parkway, the property’s size and prime location in Bergen County make it ideally suited for a range of uses. The building’s flexibility was also highly attractive to the buyer, who plans to repurpose the former office space as a medical diagnostic center.
“We’re continuing to see strong demand for medical office space in the northern New Jersey market, yet not enough buildings currently exist in the market that fulfill the unique needs of medical clients,” said Schilp. “With an ideal location and highly flexible layout, we recognized that 50 Craig Road provided superior adaptive reuse potential for medical office users, especially given the shortage of medical office space in Bergen County. The building’s flexibility coupled with strong local demographics, allowed us to work on behalf of our client to secure a premium price for this asset in line with its ideal usage.
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