NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced it has brokered the sale of The Landmark property, which consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building located at 33 Route 17 South in East Rutherford to The Hampshire Companies through one of their funds. NAI Hanson’s Andrew Somple, SIOR and Greg James represented the seller.
“Our involvement touched all aspects of being a professional real estate broker,” said Greg James. “We were hired by the seller that ran a catering operation and were not professional landlords. We helped identify the property’s short comings and provided the necessary guidance to sell the property. We had to resolve environmental and zoning challenges as well as existing tenant and lender problems.”
The Landmark property has been mostly vacant since 2012. It sits on a 3.2-acre lot that is encircled by the ramp from Rt. 17 South to Paterson Plank Road as well as opposite a strip mall with a Starbucks, Five Guys, Payless and Sleepy’s. The property offers direct access from Paterson Avenue as well as Route 17. The property is zoned regional commercial and features 225’ of frontage along Route 17 South. The Hampshire Companies plans to redevelop the site with a modern 100,000-square-foot self-storage facility as well as a convenience store with gas station.
“We were able to see the vision for this site, and were able to identify a buyer for this mostly vacant property who could bring higher ratables to the Borough of East Rutherford,” said Somple. “The excellent location of the property in terms of accessibility and proximity to the American Dream and Sports Complex made this an interesting opportunity for the right developer. Through our marketing efforts we were able to identify the top developers in the state who would share our vision of redeveloping the property and be most qualified to get this deal done.”
“The opportunity to purchase this property and to redevelop it into a self-storage facility with a retail component in a densely populated, high traffic corridor in Bergen county fits well into our portfolio and our overall investment strategy,” added Todd Anderson, a Principal at The Hampshire Companies. “At Hampshire we take pride in seeing real estate through a different lens and we believe that once our vision for this property is fully developed, we will have provided value for our investors and the community.”Related Articles: