NAI James E. Hanson, a New Jersey-based commercial real estate firm, today announced it has arranged the sale of a 220,000-square-foot industrial building located at 833 River Street in Paterson, from Medallion Industries, Inc. and River Associates, Inc., who was represented by Steven P. Kartzman, Esq., who acted as the trustee to a private regional investor. The transaction was negotiated by Kenneth D. Lundberg, SIOR Louis Tapia and Patrick Lennon of NAI James E. Hanson.
833 River Street is situated on five acres along the Passaic River, near the Fair Lawn and Hawthorne borders. The four-story building boasts 14-foot ceilings, eight tailgates and an elevator as well as 100 parking spaces. The property can be redeveloped to perfectly accommodate either retail or industrial use.
“The listing at 833 River Street came down to great value and location as the driving force behind the buyer’s decision to acquire the property, which sits in the Paterson ‘Urban Enterprise Zone,’ close to both Fair Lawn and Paramus,” said Tapia. “Paterson continues to benefit from the trend of recycling and redevelopment of older buildings and the buyer will benefit from the near-bubble highs of industrial rents in Northern New Jersey.”
With close proximity to two bridges over the Passaic River, the property is located minutes from Interstate 80, US Highway 46 and State Route 208, with quick access to Routes 4 and 17, as well as the Garden State Parkway and the New Jersey Turnpike.Related Articles: