A fully leased industrial building in Hasbrouck Heights has a new owner as the Meadowlands continues to show sector demand.

NAI James E. Hanson Senior Vice President Andrew Somple and Associate Vice President Justin Allessio arranged the transaction for 60 Railroad Ave. between the buyer and seller, the independent full-service brokerage announced Jan. 17.

The seller, buyer and financial terms for the sale were not disclosed.

Situated on 1.47 acres in the Bergen County municipality, NAI Hanson said the 33,000-square-foot property houses five tenants. Among the companies operating from the property are: Giordano Auto Sales, TSF Auto Sales and C & K Auto Imports.

According to NAI Hanson, the seller enlisted the firm as it pursued a divestment of assets from its New Jersey real estate portfolio.

The buyer, the firm said, was attracted by the property’s premier Meadowlands location and plans to use 60 Railroad Ave. as an investment.

In its fourth quarter industrial report for 2022, NAI Hanson identified a 2.5% vacancy rate in the Meadowlands submarket with rents in the region surpassing $16 per square foot for the first time last year. In fact, it was one of two submarkets NAI Hanson noted as having crossed that threshold, the other being the Ports.

At the close of Q4, that pricing was up 12.4% year over year to $16.40 per square foot in the Meadowlands; in the ports, it was $16.65 per square foot.

Also highlighting demand in the region are efforts to create more space. Among the top construction projects for Q4 2022 identified by NAI Hanson was a 516,000-square-foot industrial project in the Meadowlands from a joint venture of Greek Development and Advance Realty Investors that anticipates a second quarter delivery in 2023.

“There continues to be strong demand for well-located industrial buildings, certainly in central Bergen County,” Somple said in a statement. “As always, there’s a strong commitment by both parties to secure the best value possible in a given transaction. We’re proud to has provided the services needed to bridge that gap and secure value for both buyer and seller.”