NAI James E. Hanson, a New Jersey-based full-service independent commercial real estate firm, announces the sale of three properties that sit on 1.66 acres on Broadway in Paterson. NAI Hanson’s Louis Tapia represented the buyer, Paramount Assets. NAI Hanson’s Kenneth Lundberg, SIOR, Patrick Lennon, Darren Lizzack and Randy Horning represented the seller, Looman Associates.
The properties consist of a three-story, 32,277-square-foot office building located at 370 Broadway, an 11,253-square-foot, single-story building located at 362 Broadway and an adjacent vacant lot located at 386 Broadway, prime for redevelopment. The building located at 370 Broadway sits on 1.43-acres and boasts 34’x28’ column spacing as well as a complete wet sprinkler system. The site is the former Department of Labor Complex. The single-story office building located at 362 Broadway sits on .5-acres.
“This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability to maximize a property in a unique submarket,” said Lundberg. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the properties for both the landholder and the community.”
362-386 Broadway is convenient to Route 80 as well as Routes 46, 19 and 208. The property is located only 30 minutes from New York City and Newark International Airport.Related Articles: