An increased demand for industrial space in the automotive sales market has provided an opportunity for the Hackensack-based commercial real estate firm NAI James E. Hanson, which announced Wednesday a new lease in that sector.
The lease at 211 Island Road in Mahwah, which totals 36,021 square feet, was signed by Ramsey Auto Group for an undisclosed price.
NAI Vice President Anthony Cassano represented Ramsey, and Senior Vice President Ken Lundberg and sales associate Patrick Lennon represented the property’s landlord, Ivy Equities, a real estate and health care investment firm based in Montvale and Greenwich, Connecticut.
The property features four tailgates and 16,940 square feet of office space in addition to its warehouse.
“Ramsey Auto Group’s Subaru division has seen a large uptick in sales recently,” Cassano said in a prepared statement. “The space at 211 Island Road will allow the company to service the vehicles they’ve already sold while also able to continue to expand its business.”
“This lease is an example of the increasing activity in the automobile sales market,” Lundberg said in a prepared statement. “The Ramsey Auto Group, which has 12 brands in eight locations throughout northern New Jersey, continues its growth path. Clearly, this is a sign that the economy is continuing to improve in northern New Jersey.”
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