An industrial building in Westwood has sold, according to real estate firm NAI James E. Hanson.
The 11,360-square-foot property at 12 Sullivan St. was sold by 12 Sullivan Street LLC to James Bogush; NAI Hanson’s Andrew Somple and John Schilp represented both parties in the transaction.
Financial terms were not disclosed.
“For commercial real estate investors searching for stability, rent growth and future appreciation, industrial properties stand out among other sectors due to the projected long-term high demand for these assets, particularly in Bergen County,” Somple said in a prepared statement. “After negotiating a long-term lease on behalf of our client last year, we were pleased to continue to work with them and leverage our local market expertise to secure a suitable buyer that recognized the tremendous investment opportunity this property offers.”
The long-term tenant signed a lease renewal at the property late last year, NAI Hanson said.