Marcus & Millichap inks $3.9m office property sale
RIDGEWOOD, NJ — Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Lincoln Building, a 24,000 s/f multi-tenant office property located in Ridgewood, according to Brian Hosey, regional manager of the firm’s New Jersey office. The asset commanded a sales price of $3.9 million.
David Thurston, vice president investments in Marcus & Millichap’s NJ office, had the listing to market the leasehold estate of the property on behalf of the seller, a partnership. He also secured the buyer, a local limited liability company. The transaction challenged all of the parties involved and took a collaborative effort to bring the transaction to a successful close.
Due diligence on the property and the transaction took ten months from LOI to closing, but through the efforts of all the parties, the transaction closed successfully. “As is typical in today’s market, all parties had to work collaboratively to achieve a result which was satisfactory to all. This particular transaction required special attention as there were more parties and more challenges than usual,” said Thurston. “It was a real pleasure to work with our clients, their lawyers and the bank to reach closing. Everyone had the same goal in mind and had to compromise on issues to complete the transaction,” Thurston continued. “The opportunity solicited multiple bidders, and the winning buyer was chosen for their understanding of the asset and their willingness to roll up their sleeves to do the extensive due diligence required to move the property towards closing,” concluded Thurston.
In addition to Thurston of Marcus & Millichap, the seller was represented by Bruce Whitaker, Esq, of McDonnel Whitaker in Ramsey, NJ, and Michael Ochs, Esq. of Bertone Piccini in Hasbrouck Heights, NJ who also represented the buyer.
The Lincoln Building is one of the oldest and tallest buildings in Ridgewood and has been a fixture in the neighborhood’s skyline since its construction. It stands across the street from the Ridgewood Train Station and is in the middle of the shopping and office district providing the opportunity for local tenants as well as those that must access NYC. The seller had successfully renovated the building upon taking ownership, and the new owner plans to continue the redevelopment of the property to ensure a first class office building.