NAI James E. Hanson, a commercial real estate firm, announced Monday it has negotiated the sale of an industrial/flex building in Elmwood Park.
Jeff DeMagistris, Tom Vetter and Tom Ryan of NAI Hanson represented the seller, 475 Boulevard LLC, in the sale to Millstein Acquisitions.
The 45,000-square-foot building at 475 Mola Blvd. features 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces.
Currently, Achieve Fitness comprises 13,000 square feet of the building.
The buyer said it plans to divide the remaining vacant space in the building into two 5,000 square feet units and one 23,000-square-foot unit.
The property is within minutes to Routes 4, 17 and 46 as well as the Garden State Parkway and Interstate 80.
“To date, one of the emerging trends of the 2018 industrial market has been investors searching for opportunities to purchase well-located buildings near New Jersey’s most-heavily trafficked transportation arteries,” DeMagistris said.
“These types of investments remain more favorably priced than similar buildings to the east yet are positioned for considerable long-term growth as industrial tenants look to the west for more affordable leasing opportunities. Over the next several quarters we expect sellers will be able to attract a premium price as investors continue to chase quality product and enhanced accessibility to major highways.”