NAI James E. Hanson, a commercial real estate firm, announced Thursday it has arranged the sale of a retail building in Englewood.
The 3,321-square-foot, two-story building is located at 491 Grand Ave. It features two retail storefronts on the main level and a two-bedroom apartment on the second floor.
NAI Hanson’s Pablo Castro represented the seller, 491 Grand Ave. LLC, in the sale to NWR Realty Corp. Financial terms were not disclosed.
The buyer plans to convert the building into offices for its business, NAI Hanson said.
“With rapidly rising rents across all commercial real estate sectors in Bergen County, we continue to see business owners looking to purchase buildings to ensure favorable long-term real estate costs,” Castro said. “The size of the building and the ability to open the two storefronts into one space provided the buyer with the flexibility and desired location they were seeking. Our experience working with sellers in this competitive marketplace ensured we were able to secure a fair market value for the asset and enable them to capitalize on strong property values in the local market.”