NAI James E. Hanson negotiated the sale of a 28,000-square-foot multitenant industrial building at 59-71 Oak St. in Hackensack, according to a Tuesday announcement from the broker.
NAI Hanson’s Jonathan Kristofich represented both the seller, 59-71 Oak Street LLC, and the buyer, Oak Street Realty LLC, in the transaction, to help them capitalize on the highly attractive northern New Jersey industrial investment market.
Ideally situated in the heart of one of New Jersey’s most desirable industrial markets, the asset is located less than a mile from Route 4 with easy access to Interstate 80, the New Jersey Turnpike, Garden State Parkway and Route 17.
The building is currently fully leased to six tenants and features 18-foot clear ceiling heights, as well as dedicated drive-ins and mezzanine office space for each unit.
“Whether an investor is hoping to redeploy capital tied up in real estate or looking for long-term value through the ownership of a stabilized asset in a market with strong long-term fundamentals, the northern New Jersey industrial market’s current pricing environment continues to provide both buyers and sellers with significant opportunities for value creation,” Kristofich said. “We were happy to leverage our deep industrial sales expertise in this competitive market to help both sides of this deal reach their investment goals.”
