NAI James E. Hanson negotiated the sale of a 17,316-square-foot industrial building in Maywood, according to a Tuesday announcement.
NAI James E Hanson’s Jonathan Kristofich represented the seller, Maywood Realty Corp., and David Williams of Weichert Commercial represented the buyer, 217 Realty LLC, in the transaction.
After a very competitive bidding process that drove the price 10% over its ask with limited contingencies, the buyer agreed to restore the building to its original industrial use, resulting in an additional 15% of capital expenditure relative to the purchase price. However, once the buyer completes the restoration, it will occupy a valuable industrial asset in an excellent location.
Located at 217 Hergesell Ave., the asset’s previous use as an adult day care center will necessitate the removal of partition walls and drop ceilings as well as the raising of sprinkler heads, HVAC duct work and installation of new LED lighting.
“This transaction exemplifies just how little industrial space is available on the market today and the competition that is seen whenever any industrial product, no matter the current configuration, becomes available on the market,” Kristofich said. “Our expertise in the market has consistently positioned us to navigate the competitive bidding process in deals just like this to continue to secure top dollar for our clients.”