NAI James E. Hanson, a commercial real estate firm, announced Thursday it has negotiated the sale of an office building in Montvale.
John J. Schilp of NAI Hanson represented the seller of the 14,000-square-foot property, Premier Associates LLC.
The building, located at 50 Craig Road, sits on 3.8 acres and is within close access to the Garden State Parkway.
“We’re continuing to see strong demand for medical office space in the northern New Jersey market, yet not enough buildings currently exist in the market that fulfill the unique needs of medical clients,” Schilp said.
“With an ideal location and highly flexible layout, we recognized that 50 Craig Road provided superior adaptive reuse potential for medical office users, especially given the shortage of medical office space in Bergen County. The building’s flexibility coupled with strong local demographics, allowed us to work on behalf of our client to secure a premium price for this asset in line with its ideal usage.”