A multitenant industrial building located less than a mile from Route 4 and offering access to Interstate 80, the New Jersey Turnpike, Garden State Parkway and Route 17, has sold in Hackensack.
NAI James E. Hanson‘s Jonathan Kristofich represented the seller, 59-71 Oak Street LLC, and buyer, Oak Street Realty LLC, in the transaction for the 28,000-square-foot building at 59-71 Oak St., the firm announced Feb. 8.
The building is currently leased to six tenants.
According to the firm, its work helped the buyer and seller to capitalize on the buzzing northern New Jersey industrial investment market.
In its 4Q 2021 Northern and Central New Jersey Industrial Report, NAI Hanson reports a 35% increase from 2020 in industrial sale prices, up to $202-per-square-foot.
“Whether an investor is hoping to redeploy capital tied up in real estate or looking for long-term value through the ownership of a stabilized asset in a market with strong long-term fundamentals, the northern New Jersey industrial market’s current pricing environment continues to provide both buyers and sellers with significant opportunities for value creation,” Kristofich said. “We were happy to leverage our deep industrial sales expertise in this competitive market to help both sides of this deal reach their investment goals.”
Leasing – and vacancy – is also tight in the Central Bergen industrial submarket, NAI Hanson said, with rents up 23% from the fourth quarter of 2020 to $12.02-per-square-foot.
Last week, NAI Hanson announced another industrial sale in Hackensack, and the firm clinched another in January in the municipality.=