REIT pays $2.8M for Maywood office building

Urban Edge, a real estate investment trust based in New York, has paid $2.8 million for a Maywood office building, according to Zimmel Associates.

The Edison-based real estate services firm said in a news release that the REIT purchased 197 Spring Valley Ave., a two-story, 16,000-square-foot property in Bergen County from Jaclyn LLC.

David Zimmel, CEO, handled the sale for Jaclyn, which was represented by Bruce Fischer.

“Jaclyn awarded us the exclusive to sell the building, and we had interested buyers within a month,” Zimmel said in a prepared statement. “Urban Edge purchased 197 Spring Valley Ave. as an investment, and we are pleased that they have named Zimmel Associates the exclusive leasing agent for the building.”

The building is adjacent to the Urban Edge-owned Outlets at Bergen Town Center.

“Bergen County is an extraordinarily vibrant marketplace,” Zimmel said. “This space is ideal for companies that want to be within close proximity to New York City, and the owner will build out to suit.”