NAI James E. Hanson, a New Jersey-based commercial real estate firm, has brokered the sale of a 20,000-square-foot office building in Mountainside, it announced recently.
NAI Hanson’s Eric Demmers and Russ Verducci represented the seller, Delaney Real Estate Holdings LLC, in the deal.
The property, located at 1139 Spruce Drive, is a two-story office building within close proximity to Route 22 West and has easy access to the Garden State Parkway and Interstate 78.
The buyer, Jiljo Real Estate Holdings, is planning to use the space to grow its consulting business.
“In our current low-rate environment, more business owners are recognizing the advantages of owning a space versus leasing,” Verducci said. “As the supply of quality office buildings continues to lag behind demand, well-located assets like 1139 Spruce Drive will continue to attract a substantial interest from business owners looking for owner/operator opportunities and positions sellers to secure a premium price for their assets.”
Financial terms of the deal were not disclosed.