NAI James E. Hanson, a New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 45,000-square-foot industrial/flex building at 475 Mola Boulevard in Elmwood Park. NAI James E. Hanson’s Jeff DeMagistris, SIOR, Tom Vetter, SIOR, and Tom Ryan represented the seller, 475 Boulevard, LLC, in the sale to Millstein Acquisitions in the NAI James E. Hanson exclusive listing.
475 Mola Boulevard is a 45,000-square foot industrial/flex building with 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the remaining vacant space in the building into two 5,000 square feet units and one 23,000-square-foot unit. 475 Mola Boulevard features ideal accessibility minutes from Routes 4,17 and 46 as well as the Garden State Parkway and Interstate 80 making it suitable for a wide range of prospective tenants.
“To date, one of the emerging trends of the 2018 industrial market has been investors searching for opportunities to purchase well-located buildings near New Jersey’s most-heavily trafficked transportation arteries,” said DeMagistris. “These types of investments remain more favorably priced than similar buildings to the east yet are positioned for considerable long-term growth as industrial tenants look to the west for more affordable leasing opportunities. Over the next several quarters we expect sellers will be able to attract a premium price as investors continue to chase quality product and enhanced accessibility to major highways.”
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