FNF Property Associates sold three buildings at 661-665 Broadway in Westwood to Eagle Rock Investments, NAI James E. Hanson reported this week.
Positioned on the northern edge of Westwood, 661-665 Broadway is a 1-acre, L-shaped lot containing three buildings including a single-family housing unit, a garage/warehouse and an auto repair center.
The property also features ample on-site parking and 300-foot frontage along one of Westwood’s most trafficked roads, offering premier visibility to the over 238,000 residents within five miles.
The buyer plans to refurbish the three existing buildings on the property and place them on the market for lease.
NAI James E. Hanson’s Anthony Cassano and Dick Hecker represented both the buyer and the seller. Terms of deal were not announced.
Cassano said the deal had its challenges.
“It can be a challenge to secure a buyer for a property that is in need of substantial investment,” he said. “Many buyers simply aren’t interested in having an added expense and the headaches that come with a rehabilitation project.
“In this case, we were able to leverage our contacts to secure a buyer who was able to envision the investment potential for this property and help both of our clients realize value from the transaction.”