Check-cashing firm moves to River Edge as part of sale-leaseback

By Lynda Cohen
River Edge | Oct 4, 2017 at 8:15 am
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A new check-cashing service is coming to a River Edge office building, courtesy of commercial real estate firm NAI James E. Hanson.

The property has been on sale for nearly five years and went through several brokers before NAI Hanson’s Andrew Somple and Anthony Cassano negotiated the deal.

“Unable to secure a suitable buyer, Crestview Associates LLC then engaged us to sell the property utilizing our marketing strategies, which included a sale-leaseback to allow Crestview Associates LLC to continue to occupy 3,000 square feet of space and remain at its current location,” Somple said.

The property is located near the River Edge train station as well as routes 4 and 17.

The new buyer, NJCF Property LLC, is a check-cashing service based in Chicago that was leasing space in Englewood Cliffs and searching for a quality property to purchase.

Next will be a series of renovations to bring the 34-year-old building up to modern standards.

“The sale of 10 Elizabeth St. exemplifies the importance in selecting a broker who understands the local marketplace and has substantial experience in marketing office buildings in order to quickly complete a sale,” Cassano said.  “Our experience in the Bergen County office market and our knowledge of prevailing market conditions makes us uniquely suited among our peers for these types of deals. Although this building had been on the market for a number of years prior, we were able to generate new interest in the property and negotiate a deal that enabled Crestview Associates LLC to continue to occupy the space while securing a premium price for their asset.”