NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced they have negotiated the sale of a 108,237-square-foot building located at 211 Island Road in Mahwah. NAI Hanson’s Kenneth Lundberg, SIOR, and Patrick Lennon represented the owner, 211 Island Road Associates, L.P., in the sale to Mahwah 2016 LLC.
Located in Mahwah’s GI-80 General Industry Zone, 211 Island Road is a 108,237-square-foot flex building on seven acres of land. The building features heavy power distribution grid and ten loading docks. 211 Island Road which is in the Mahwah Business Park is strategically located at the full interchange of Route 17 & MacArthur Boulevard with frontage along Island Road.
The buyer, Mahwah 2016 LLC, will relocate and expand its current Rockland County based business by occupying 32,547 square feet of space at the property. With a number of tenants already leasing the remaining space, Mahwah 2016 will take over management of the current leases including a 55,000+-square-foot lease to Ramsey Subaru. The sale will allow the buyer to receive cash flow from the property, which is covering the mortgage, while also offering the opportunity for future expansion as other leases expire.
“Ultimately business owners place a high premium on flexibility and adaptability when they are looking to purchase a space,” said Lennon. “A property like this given its location and adaptable layout with an existing tenant base can secure a high dollar amount on the open market and we were happy to negotiate a mutually beneficial sale on behalf of our client.”Related Articles: