Commercial real estate firm NAI James E. Hanson announced Tuesday it has arranged the sale of a 16,500-square-foot, two-story office building in River Edge.
Andrew Somple and Anthony Cassano of NAI Hanson represented the owner, Crestview Associates LLC, in the sale to NJCF Property LLC.
The property is located at 10 Elizabeth St. and is within close proximity to the Elizabeth train station, as well as Routes 4 and 17.
“Unable to secure a suitable buyer, Crestview Associates LLC then engaged us to sell the property utilizing our marketing strategies, which included a sale-leaseback to allow Crestview Associates, LLC to continue to occupy 3,000 square feet of space and remain at its current location”, Somple said.
The buyer, NJCF, is a check cashing service based in Chicago that was leasing space in Englewood Cliffs and on the hunt for property to purchase. NJCF plans to renovate the building.
“The sale of 10 Elizabeth St. exemplifies the importance in selecting a broker who understands the local marketplace and has substantial experience in marketing office buildings in order to quickly complete a sale,” Cassano said. “Our experience in the Bergen County office market and our knowledge of prevailing market conditions makes us uniquely suited among our peers for these types of deals. Although this building had been on the market for a number of years prior, we were able to generate new interest in the property and negotiate a deal that enabled Crestview Associates LLC to continue to occupy the space while securing a premium price for their asset.”
Financial terms were not disclosed.