Lundberg and Tapia of NAI Hanson arrange $2.24m sale of 220,000 s/f industrial building
Paterson, NJ — NAI James E. Hanson, a New Jersey-based commercial real estate firm, announced it has arranged the sale of a 220,000 s/f industrial building located at 833 River St. in Paterson from Medallion Industries, Inc. and River Associates, Inc. Steven Kartzman, Esq., who acted as the Trustee to a private regional investor., represented the seller. The transaction was negotiated by Kenneth Lundberg, SIOR, Louis Tapia and Patrick Lennon of NAI James E. Hanson.833 River St. is situated on five acres along the Passaic River, near the Fair Lawn and Hawthorne borders. The four-story building boasts 14-foot ceilings, eight tailgates and an elevator as well as 100 parking spaces. The property can be redeveloped to perfectly accommodate either retail or industrial use.
“The listing at 833 River Street came down to great value and location as the driving force behind the buyer’s decision to acquire the property, which sits in the Paterson ‘Urban Enterprise Zone,’ close to both Fair Lawn and Paramus” said Tapia. “Paterson continues to benefit from the trend of recycling and redevelopment of older buildings and the buyer will benefit from the near-bubble highs of industrial rents in Northern New Jersey.”With close proximity to two bridges over the Passaic River, the property is located minutes from Interstate 80, US Highway 46 and State Route 208, with quick access to Routes 4 and 17, as well as the Garden State Parkway and the New Jersey Turnpike.