Bergenfield, N.J. (September 21, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of a 30,704-square-foot mixed-use portfolio located at 112 S. Washington Avenue, 96 S. Washington Avenue and 101 Portland Avenue in Bergenfield, N.J. NAI James E. Hanson’s Anthony Cassano, vice president, represented both the buyer, Sun Rock LLC, and the seller, Beucler Family Limited Partnership, in the transaction.
Located in the heart of Bergenfield, 112 S. Washington Avenue, 96 S. Washington Avenue and 101 Portland Avenue are three interconnected office and retail buildings with excellent visibility and access to significant vehicular traffic along Bergenfield’s main thoroughfare and the favorable demographics in the Bergenfield area.
The largest of the three buildings, 112 S. Washington Avenue is a two-story, 15,000 square-foot office and retail building with 48’ of frontage on S. Washington Avenue, entry capability from Portland Avenue and ample on-site parking. The property has multiple uses which include second-floor office space and ground-floor retail space. Just down the block, 96. S Washington Ave is a two-story, 6,010 square-foot office and retail building also featuring second-floor office space and ground-floor retail space.
Completing the portfolio, 101 Portland Ave is a one-story, 9,694-square-foot retail mini-mall. Earlier this year, NAI James E. Hanson negotiated leases for 2,800 square feet with New Grand Supermarket and 2,450 square feet lease with SportsCare Physical Therapy, which fully leased the property.
Intending to capitalize on the strong demand for mixed-use properties with in-place tenants, the seller tapped NAI James E. Hanson to find a buyer for the property. The buyer took interest in the properties’ steady incomes as well as its redevelopment potential. The buyer plans to use the property as an investment as it renovates its retail spaces and evaluates opportunities to add apartments to the portfolio.
“Mixed-use properties are always of interest for buyers hoping to diversify their investment portfolios,” said Cassano. “What makes a property even more attractive are multiple in-place tenants that can produce immediate income for the new owner while promising additional income from potential redevelopment opportunities. I’m proud to have provided my services to both parties and am excited to see what’s ahead for this portfolio.”