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New Boston Fund sells 30,000 sq. ft. in Hackensack

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Overhead shot of 80 Commerce Way in Hackensack.
Overhead shot of 80 Commerce Way in Hackensack. - (Solomon McCown & Company Inc.)

Real estate investment, development and management firm, New Boston Fund Inc., announced Monday that it’s sold a 30,000-square-foot office and flex building in Hackensack to Canaan Korean Community Church. Financial terms were not disclosed.

According to the announcement, 80 Commerce Way was acquired by New Boston along with the adjacent building at 60 Commerce Way in partnership with Prism Capital Partners LLC.

“We’re very happy with how 80 Commerce Way has performed in the northern New Jersey submarket,” said Gary Hofstetter, senior vice president at New Boston, in a prepared statement. “As a well-located property, it has consistently generated a great deal of interest.  We felt that current market conditions made it the right time to sell.”

The Cannan Korean Community Church was represented by Oksoon Yang of Weichert Realtors.  Thomas F. Monahan, senior vice president, Noah R. Balanoff, vice president, and David Opper, senior vice president, all of CBRE, represented New Boston, according to the announcement.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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