NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced it has brokered the sale of a 5,100-square-foot retail building located at 32 Route 10 West in East Hanover, N.J. NAI Hanson’s John Schilp represented the seller, Charles W. Kramer, in the transaction to NJ Retail Acquisitions, represented by Jeffery Realty.
The single-story retail building boasts frontage on Route 10, one of New Jersey’s most desirable retail corridors with dozens of large national and regional chains calling this stretch of highway home. At 100% leased, it was purchased as an investment property by the new owners, who were looking to acquire a stable and profitable property in the northern New Jersey marketplace. Schilp had represented the owner of this building for many years prior and was responsible for leasing the space to the current tenant, in addition to selling and leasing three other Morris County spaces on behalf of the seller over the past several years.
“The northern New Jersey market, particularly in Morris County, continues to see strong demand for investment properties,” said Schilp. “This sale is another example of that trend as investors are aggressively searching for stable retail properties that offer strong long-term investment potential and returns. My long history of working with the owner of this building and significant experience in this market allowed me to negotiate the best possible deal for the seller.”
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 375 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.