NAI James E. Hanson negotiated the sale of 64,377 square feet of industrial space at 730 Madison Ave. in Paterson, according to a Monday announcement from the brokerage.
NAI James E. Hanson’s Team Lizzack-Horning, led by Darren Lizzack and Randy Horning, represented the seller, Paterson Card and Paper Co. and JBJB Realty, in the transaction with 109 Isabella LLC and 730 Madison YB LLC.
The deal includes 730 Madison Ave., a 59,427-square-foot industrial building located in Paterson’s Opportunity and Urban Enterprise zones featuring quick access to Route 46, Interstate 80 and the Garden State Parkway. In addition to its accessible location, this property features abundant parking with adequate space for an additional lot along with six drive-ins and four loading docks. Also included in the sale is a 4,950-square-foot building across the street.
730 Madison Ave. had served as the home of the seller’s family business, Paterson Paper, since 1914. However, as the seller was hoping to retire and sell the company, he retained Lizzack and Horning to secure a buyer for the two properties. 109 Isabella LLC and 730 Madison YB LLC plan to repurpose 19,377 square feet of the asset to house its commercial painting business while making the remaining 45,000 square feet available for lease.
“We are pleased to have secured a buyer on behalf of our client as he prepares for retirement,” Horning said. “The sale of this historic building poses a tremendous opportunity for its new owners and reflects the strength of Northern New Jersey’s industrial market.”
