NAI James E. Hanson negotiated the sale of a 6,500-square-foot building in Hackensack, to Kearny Investment Group, it announced.
NAI Hanson’s Justin Allessio and Andrew Somple represented the seller, English Street Realty. and the buyer.
Located at 141 English St., the industrial flex building is approved for a variety of uses, including general manufacturing, research and business/vocational schools. It conveniently sits in proximity to Routes 17 and 46 as well as Interstate 80. Building features include a wet sprinkler system, electric system and 16-foot ceilings, and each of the building’s two suites also include a dedicated drive-in.
The seller tapped Hanson to market the property in hopes of capitalizing on the demand for quality industrial space in the Garden State. There was a tremendous amount of activity when it was first listed. Kearny Investment Group, a real estate investor and developer based out of New York that was looking to expand its portfolio in New Jersey, immediately took interest and plans to renovate the building and market it for lease to capitalize on the demand for modern and accessible multitenant industrial space in the surrounding area.
“The multitenant industrial sector continues to see strong demand from small and medium-sized businesses across northern New Jersey,” said Allessio. “As a result, real estate investors hoping to capitalize on the strong underlying fundamentals are increasingly flocking to the sector as well. Our marketing of this property sought to tap into that strong investor demand to help our client secure a buyer and we look forward to seeing what is next for this property.”