NAI James E. Hanson on Tuesday said it negotiated the sale of a 3,662-square-foot office building in Totowa.
Hanson’s Andrew Somple, Justin Allessio and Jessica Curry represented the seller, Sheet Metal Contractors Association, in the transaction.
Located at 15 Furler St., the asset is a two-story building with 10 on-site parking spaces. The property is near a range of shopping and restaurant options, including Marshalls, Staples, TJ Maxx, Applebee’s, IHOP and Smashburger, with easy access to Routes 23 and 46 and Interstate 80.
The seller sought to capitalize on the demand for smaller, well-located office space with convenient access to major roadways and tapped NAI James E. Hanson to market the property. The buyer, a Fair Lawn-based commercial real estate firm, has plans to relocate its offices to a portion of the building while maintaining the existing tenant base. In addition, the new owner will make substantial improvements to the building to bring it up to modern standards.
“While the national office market continues to experience challenges, there has been a demand for smaller, well-located office space that can serve as a home base for local businesses,” Somple said. “With that said, finding the right buyer for these spaces can be challenging, so we implemented a strategic approach that highlighted the investment value of the property and ultimately provided the real estate services needed to finalize a deal on our client’s behalf.”