Downtown Hackensack mixed-use buildings trade for $1.8M in all-cash deal brokered by NAI James E. Hanson’s Kristofich and Pulzello

Hackensack, NJ — NAI James E. Hanson has sold two mixed-use buildings totaling 9,284 s/f located at 268 and 270 Main Street in Hackensack, New Jersey, for a total of $1.8 million in an all-cash transaction.

NAI James E. Hanson’s Jonathan Kristofich and William Pulzello represented the seller, Olympic Properties, Inc., and Signature Realty NJ’s Cary Diec and Eliane Longhi represented the buyer, a private investor, in the transactions.

268 and 270 Main Street are two contiguous, fully leased buildings comprising eight rent-controlled apartment units and two ground-floor retail units. The retail space at 270 Main Street is leased to El Turco Grill, a Turkish restaurant, and 268 Main Street is leased to Camejo & Associates, an accounting and bookkeeping firm. The buildings boast a prime location in downtown Hackensack near the Johnson Public Library, numerous new, luxury apartment buildings, including the latest addition Ora, and many other dining and retail outlets.

“Downtown Hackensack’s ongoing revitalization makes it an attractive market for investors seeking strategically located, income-producing properties in northern New Jersey,” said Kristofich. “We are proud to help our client identify an all-cash buyer and structure a non-contingent contract to provide surety of closing in a challenging marketplace. We congratulate the new ownership on their acquisition.”

In a separate transaction, NAI James E. Hanson has negotiated a 6,789 s/f lease and a 5,320 s/f lease at 1 Broad Ave. in Fairview, bringing the building to 100% occupancy. Andrew Somple, SIOR, and Jessica Curry, CCIM represented the landlord, Cohen Asset Management, in both transactions.

The new tenants bring a baseball and softball training facility and a custom interior design company specializing in metalworks and furniture to the building along with the current tenants. The building layout and loading makes it a perfect location for small to medium sized tenants in the area.

1 Broad Avenue is a 69,202 s/f industrial/flex property on 2.73 acres located just off Rte. 9 in Fairview. The building boasts eight shared loading docks, ample on-site parking and specializes in space for tenants that have no requirement for exclusive loading in their space but need a great centralized site at a competitive price. The property’s strategic location provides convenient access to several major highways and ports, and New York City via the George Washington Bridge and Lincoln Tunnel.

“Flexible buildings in a prime location like 1 Broad Avenue continue to see strong demand among a wide variety of users,” said Curry. “We are pleased to bring two new tenants to the building and help ownership achieve full occupancy in the process. The excellent management of the building will continue to keep the spaces leased and brings a strong tenant base to the location.”