Cushman & Wakefield on Friday said it arranged the sale of 387 Passaic Ave., a 4,560-square-foot retail property in Fairfield. The final sale price was $4.6 million.
Cushman & Wakefield’s Andy Merin, Brian Whitmer, Andy Schwartz, Jordan Sobel and André Balthazard represented the seller, Indian Ridge Investments LLC, in the transaction.
“387 Passaic Ave. offered investors the opportunity to acquire a long-term, fully leased retail property to a great credit tenant,” Schwartz said. “We saw significant interest in this property because of its ideal location adjacent to Interstate 80 and Route 46.”
Constructed in 2017, the asset features a drive-thru and safety deposit boxes. The property is fully leased to Chase Bank.
Located within minutes to Route 46, Interstate 80 and Route 23, the asset is along one of the premier retail corridors in the region. In addition, the property is only one mile from Willowbrook Shopping Mall and Wayne Towne Center.