NAI James E. Hanson on Tuesday said it sold a 20,000-square-foot industrial building at 130 Wesley Street in South Hackensack.
NAI James E. Hanson’s Team Lizzack-Horning led by Darren Lizzack and Randy Horning, represented the seller, Wesley Lab LLC, and Friedberg Properties represented the buyer, PPF Jersey LLC, in the transaction. Team Lizzack-Horning has also been retained by Wesley Lab LLC to assist in identifying an acquisition opportunity to complete a 1031 exchange.
Located immediately off of Exit 65 on Interstate 80 West and less than a quarter of a mile from Interstate 80 East in the in-demand Central Bergen industrial submarket, the property’s location made it a rare opportunity in the current industrial market. However, the property had not undergone significant renovations since 1984 and Team Lizzack-Horning understood that a substantial investment would be required to bring it up to modern industrial standards and attract fair market value for the asset.
Team Lizzack-Horning retained the services of Eric Gatti and Steven Williard of G Williams Group (GWG), a regional construction services leader, to conduct a Property Condition Assessment (PCA). Through the PCA, GWG’s commercial building experts documented and assessed 130 Wesley Street’s current conditions and provided detailed descriptions, photos, evidence, and estimates. The PCA ensured that buyers could confidently conduct their due diligence to explore the purchase of the building with a thorough account of its condition in hand from a reliable third-party firm.
“The creation of Team Lizzack-Horning was underpinned by the knowledge that those with complex real estate needs are not just looking for a broker but also might require a diverse array of other professionals throughout the life cycle of their transaction,” said Lizzack. “The sale of 130 Wesley Street once again shows how we can deploy the complete end-to-end services of our team and network of trusted local companies to meet our clients’ needs while fostering successful, long-term relationships throughout the commercial real estate industry.”
