Commercial real estate firm NAI James E. Hanson announced it had finalized the sale of an industrial property in Mahwah.
Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the owner, 211 Island Road Associates, in the sale of the 108,000-square-foot building at 211 Island Road to Mahwah 2016 LLC.
“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,” Lennon said.
Mahwah 2016 LLC will relocate from Rockland County, New York, and occupy 32,500 square feet at the property. The building features a heavy power distribution grid, 10 loading docks and sits on a seven-acre plot.
Mahwah 2016 LLC will take over management of the current leases at the property.
Financial terms were not disclosed.